Johannesburg - South African grains closed slightly higher on Tuesday due to the weaker overnight rand environment and higher prices on the Chicago Board of Trade (CBoT).
“The market closed sideways although maize should have closed R60 higher on the weaker rand‚ but it did not due to negative sentiment in the local market. We had rain in the maize growing areas and a bigger maize crop is expected‚ which led to prices not gaining as much as they should have‚” a local trader said.
The white maize contract for March 2013 delivery gained R1 to R2‚188 per ton‚ the white maize contract for July 2013 also added R1 to R2‚074 per ton and the white maize contract for September 2013 increased by R9 to R2‚112.
The yellow maize contract for March 2013 added R2 to R2‚290 per ton and the July 2013 yellow maize contract gained R7 to R2‚098 per ton.
The yellow maize contract for September 2013 tacked on R16.00 to close at R2‚140.
The wheat contract for March 2013 added R11 to R3‚660 per ton and the July 2013 wheat contract lifted R4 to R3‚750 per ton. - I-Net Bridge