Maize estimate seen little changed

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Copy of Copy of Maize . File photo: Reuters

Johannesburg - South Africa is likely to slightly raise its 2014 maize output forecast, a Reuters survey showed on Friday, as traders expect no surprises before the end of the season.

The government's Crop Estimates Committee (CEC) last month said maize output for 2014 would rise to 14.017 million tonnes, from the 13.89 million tonnes in its previous forecast.

Now an average estimate of four trading houses polled by Reuters pegs the crop at 14.031 million tonnes, little changed from the previous official estimate.

“Most maize has been harvested already, we do not expect any crazy surprises,” a trader said.

The CEC said in March a harvest of 13 million tonnes or above will be the largest in more than three decades.

Maize is the staple crop in South Africa and a bigger crop will be a relief for the country after stocks from last year were depleted by large export commitments.

The CEC is due to release its seventh production forecast of this year's summer crops output on Wednesday.

Reuters


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