Chicago prices buoy maize futures

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South African maize futures ended decidedly higher on Tuesday‚ buoyed by firmer Chicago corn prices.

The near-dated July white maize contract rallied R66 to R2‚055 per ton‚ September white maize lifted R59 to R2‚089 per ton and December white maize rose R67 to R2‚142 per ton‚ according to preliminary I-Net Bridge data.

The near-dated July yellow maize contract was up R55 to R2‚020 per ton‚ the September yellow maize contract rose R40 to R2‚043 per ton and the December yellow maize contract picked up R54 to R2‚096 per ton.

The July wheat contract lifted R40.40 to R2‚939.40 per ton‚ September wheat was up R34 to R2‚984 per ton and the December wheat contract gained R33 to R2‚945 per ton.

US corn and soybean futures rose sharply in the electronic session amid forecasts for hot and dry weather and after a US Department of Agriculture report showed declining conditions for the two crops‚ according to Dow Jones Newswires.

It said 63% of the corn crop was rated good-to-excellent‚ down from 66% last week‚ while the rate fell to 56% from 60% for beans. Corn's rally also helped pull wheat up. - I-Net Bridge

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