Maize prices slip on profit taking

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Maize prices slipped on Tuesday amid some profit taking - a trend that was also evident in US maize prices.

“The market is prone to profit taking‚ given that it’s sitting in overbought territory‚” said Belinda Cooper‚ an independent broker.

Dry and hot weather conditions in some parts of the US have been the primary reason for the surge in SA maize prices recently.

The near-dated July white maize contract dipped R16 to R2‚722 a ton and the September white maize contract lost R11 to R2‚751 a ton. December white maize slipped R3 to R2‚802 a ton.

The near-dated July yellow maize contract was down R13 to R2‚718 a ton‚ the September yellow maize contract lost R5 to R2‚713 a ton‚ while the December yellow maize contract lifted R7 to R2‚750 a ton.

The July wheat contract gave up R46 to R3‚600 a ton‚ the September wheat contract was down R33 to R3‚632 a ton‚ and the December wheat contract shed R33 to R3‚563 a ton.

US grain and soybean futures were sharply lower on Tuesday as traders continued to reduce risk exposure in the market‚ Dow Jones Newswires reported.

Midwest rains provided relief for at least a small portion of US crops. Rains moving through the northern Midwest are enough to make the large long position holders in the market nervous‚ analysts said. - I-Net Bridge

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