South African maize futures finished lower on Tuesday in line with lower US grain prices due to slackening demand.
As the largest producer and exporter of soft commodities‚ the US is the main contributor in deciding world price trends.
The white maize contract for March 2013 delivery fell R15 to R2‚164 per ton and the white maize contract for July 2013 dropped by R14 to R2‚022 per ton.
The yellow maize contract for March 2013 delivery declined R21 to R2‚230 per ton and the July 2013 yellow maize contract shed R7 to R2‚064 per ton.
The wheat contract for March 2013‚ however‚ edged up R6 to R3‚470 per ton.
“The South American maize crop is still trading at the bigger discount to the US crop‚ making it attractive to foreign buyers‚” said Rudi Swanepoel‚ a trader at Farmwise Grains.
The US Department of Agriculture will on Friday issue its final 2012 crop-production estimates‚ along with estimates of domestic grain and soybean stocks as of December 1. - I-Net Bridge