South African maize prices closed the Tuesday session lower due to expectations of rain; local wheat prices closed a bit higher on a softer rand and higher overseas prices.

“Our maize prices came down due to expectations of rain and after the maize market has been a overbought a bit. Our maize prices did not follow Chicago Board of Trade (CBoT) figures which were higher. We have enough maize stock at the moment and export volumes are quite low‚ which also contributed to the lower maize prices today‚” a local trader said.

The white maize contract for March 2013 delivery dropped by R22 to R2‚162 per ton and the white maize contract for July 2013 gave back R27 to R2‚033 per ton.

The yellow maize contract for March 2013 delivery closed a touch higher adding R3.80 to close at R2‚263.80 per ton and the July 2013 yellow maize contract slipped by R15 to close at R2‚088.

The wheat contract for March 2013 added R10 to close at R3‚560 per ton. - I-Net Bridge