South African maize closed the Wednesday session softer due to expectations of rain later in the week. Available stock levels are high and this too has driven prices lower.
“Local wheat prices closed lower due to softer Chicago Board of Trade figures and a stronger rand. Maize was down due to an oversupply in the market‚” said Piet Faure‚ trader at CJS Securities.
The white maize contract for March 2013 delivery fell R38 to R2‚126 per ton and the white maize contract for July 2013 dropped by R25.80 to R2‚000.20 per ton.
The yellow maize contract for March 2013 delivery declined R36 to R2‚196 per ton and the July 2013 yellow maize contract shed R17 to R2‚044 per ton.
The wheat contract for March 2013‚ dropped R20 to R3‚450 per ton. - I-Net Bridge