Maize inches up on lower rainfall

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South African maize prices closed the Monday session marginally higher due to higher Chicago Board of Trade (CBoT) numbers and less than expected rain falling over the weekend.

“Maize was higher today on the increase in US prices and the maize July contract was up on lower rainfall than expected over the weekend. The July contract came off its intra-day highs today due to profit taking. The nearby December contract was influenced by the December options expiry today and also came off its intra-day highs. Wheat is down due to some profit taking‚” a local trader said.

White maize for December delivery‚ the most active contract on the South African Futures Exchange‚ added R11 to close at R2‚490 a ton. The white maize March 2013 contract added R15.20 to close at R2‚526.20.

Yellow maize for December delivery‚ the most active contract for yellow maize‚ gained R10 to close at R2‚550 a ton. The grain is used mainly as animal feed in SA. The yellow maize March 2013 contract closed R22 higher at R2‚570.

Wheat for December delivery closed R14 lower at R3‚679 a ton. Wheat for March 2013 delivery closed R12 weaker at R3‚778.

Meanwhile US grain markets closed early on Friday as part of a Thanksgiving holiday schedule and volume was low. The markets were closed on Thursday.

Corn and wheat futures each rose on better-than-expected export sales in the weekly US Department of Agriculture report‚ Dow Jones Newswires reported.

The US Department of Agriculture reported corn export sales of 958‚600 tons in the week through November 15. Analysts had expected total sales of 250‚000 to 500‚000 tons.

For wheat‚ the USDA reported export sales of 657‚400 tons in the week through to November 15. Analysts had expected total sales of 200‚000 to 450‚000 tons.

December corn rose 4 1/2 cents or 0.6% to $7.45 1/2 a bushel.

CBOT December wheat rose 2 1/2 cents or 0.3% to $8.47 3/4 a bushel. KCBT December wheat rose 2 cents or 0.2% to $8.78 1/4 a bushel. - I-Net Bridge

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