Maize futures drop on profit taking

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Maize prices broke their two-day winning streak on Wednesday on some profit taking.

The near-dated August white maize contract was down R74.80 to R2‚699.20 a ton and the September white maize contract shed R67 to R2‚730 a ton. December white maize dropped R73 to R2‚790 a ton.

The near-dated August yellow maize contract lost R62 to R2‚718 a ton‚ the September yellow maize contract was off R71 to R2‚738 a ton and the December yellow maize contract was R74 weaker to R2‚765 a ton.

The August wheat contract was unchanged at R3‚520 a ton‚ with the September wheat contract dropping R98 to R3‚465 a ton and the December wheat contract shed R81 to R3‚470 a ton.

US grain and soybean futures traded lower on Wednesday‚ pressured by risk aversion before the Fed announced results of its policy meeting‚ Dow Jones Newswires reported. Corn was pressured by worries about reduced demand due to sharply higher prices‚ and wheat pressured by eased speculation that Russia could restrict exports. Soybeans were down on slightly wetter‚ cooler weather forecasts.

Dry and hot weather conditions in some parts of the US have been the primary reason for the surge in South African maize prices recently. - I-Net Bridge

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