Maize futures edge lower

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Maize Reuters.

South African maize futures ended lower on Thursday after a fairly volatile session.

The near-dated July white maize contract shed R12 to R2‚003 per ton‚ September white maize slipped R7 to R2‚042 per ton‚ and December white maize was down R15.80 to R2‚089.20 per ton‚ according to preliminary I-Net Bridge data.

The near-dated July yellow maize contract was off R10 to R1‚974 per ton‚ the September yellow maize contract lost R16 to R2‚001 per ton‚ while the December yellow maize contract shaved off R11 to R2‚046 per ton.

The July wheat contract was‚ however‚ up R18 to R2‚948 per ton‚ September wheat lifted R15 to R3‚000 per ton and the December wheat contract garnered R13 to R2‚953 per ton.

“It is a difficult market to call. The bulls and bears are fighting it out at this stage‚ with the market fairly volatile‚ given the weather uncertainty in the US‚” said Hansie Swanepoel‚ a trader at Vrystaat Mielies.

US grain and soybeans were mixed in the electronic session on Thursday as investors struggled to take a definitive stance amid conflicting weather forecasts for developing crops‚ Dow Jones Newswires reported.

Analysts said forecasters noted that current weather models had a poor handle on upcoming patterns.

Uncertainty buoyed corn and wheat while soybeans slumped as investors reduce risk in the face of global economic worries. - I-Net Bridge


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