Maize futures dip on world prices

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MaizeCobField REUTERS

South African maize futures ended softer on Monday‚ tracking a weaker trend in US grain prices ahead of a closely watched crop report due on Friday.

The white maize contract for March 2013 delivery fell by 1.26% to R2‚182.20 per ton and the white maize contract for July 2013 dropped by 1.36% to R2‚038 per ton.

The yellow maize contract for March 2013 delivery declined by 1.52% to R2‚255 per ton and the July 2013 yellow maize contract shed 1.61% to R2‚075 per ton.

The wheat contract for March 2013 fell by 0.83% to R3‚466 per ton.

As the largest producer and exporter of soft commodities‚ the US is the main contributor in deciding the world price trends.

The US Department of Agriculture (USDA) will issue its final 2012 crop-production estimates‚ along with estimates of domestic grain and soybean stocks as of December 1.

Dow Jones Newswires reported that private analytical firm Informa Economics on Friday estimated that US corn and soybean production last year were greater than previously predicted by the USDA‚ according to traders. - I-Net Bridge

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