South African maize prices closed the Thursday session lower on a stronger rand and on expectations that the final crop estimate for maize‚ which will be released at 3.30pm on Thursday afternoon‚ will be higher than previously expected. Wheat prices were lower on the stronger rand.
At 12.24pm the rand was trading at R8.7488 from a close of R8.8190 the previous day.
“The crop estimate committee is releasing its final summer maize‚ sunflower and soybean crop expectation figures for this marketing season at 3.30pm today and we are expecting a higher crop estimate. We are expecting the maize crop estimate to increase by 230‚000 tons of maize‚” said Rudi Swanepoel‚ trader at Farmwise Grains in Johannesburg.
White maize for December delivery‚ the most active contract on the South African Futures Exchange‚ dropped R18.20 to close at R2‚459.80 a ton. The white maize March 2013 contract slipped R18 to close at R2‚502 and the white maize July 2013 contract dipped R7.20 to close at R2‚410.80.
Yellow maize for December delivery‚ the most active contract for yellow maize‚ closed R3 higher at R2‚544 a ton. The grain is used mainly as animal feed in SA. The yellow maize March 2013 contract closed R9 softer at R2‚566 per ton and the yellow maize July 2013 contract lost R8 to R2‚400.
Wheat for December delivery closed R8 softer at R3‚732 a ton. Wheat for March 2013 delivery also slipped R8 to close at R3‚833 and wheat for July 2013 delivery closed R3 lower at R3‚901.
Meanwhile US wheat futures rose on Wednesday‚ boosted by concerns about drought in the Great Plains and other threats to world wheat crops‚ Dow Jones Newswires reported. Chicago Board of Trade wheat for December delivery settled up 3 cents‚ or 0.3%‚ at $8.76 a bushel‚ a fresh two-week high.
Corn futures barely moved. Traders hesitated to push prices higher after a rally in recent days — driven largely by rising wheat futures — pushed December corn to a one-month closing high on Tuesday. December corn futures were nearly flat‚ rising only 1/4 cent to $7.60 1/4 a bushel. - I-Net Bridge