South African maize futures ended a little higher on Wednesday, lifted by rand weakness to the US dollar.
The near-dated July white maize contract gained R5 to R2,055 per ton, September white maize edged up 40 cents to R2,085.40 per ton, and December white maize added R1 to R2,136 per ton, according to preliminary I-Net Bridge data.
The near-dated July yellow maize contract was up R5 to R2,026 per ton, the September yellow maize contract garnered R8 to R2,060 per ton, while the December yellow maize contract was unchanged at R2,086 per ton.
The July wheat contract rose R26 to R2,977 per ton, September wheat lifted R28 to R3,022 per ton and the December wheat contract gained R17 to R2,982 per ton.
“At the momement, the market is trading in ranges due to haverst pressure. We could have gone up a lot more due to the rand/US dollar exchange rate,” said Robert Steynberg, a trader at Vrystaat Kooperasie Beperk.
Meanwhile, corn futures ended mixed on Wednesday, as the day's macroeconomic worries limited gains from a lower health rating for the US corn crop. The US Department of Agriculture, in a weekly report, said 72% of the corn crop was in good or excellent condition, down five percentage points from a week ago.
Chicago Board of Trade (CBOT) July corn fell 3 cents to US$5.59 1/2 a bushel, while December corn rose 3 cents to $5.20 1/2.
Wheat futures ended mostly down, pressured by generally favourable conditions for US crops, and by reports of fair yields as the US winter-wheat harvest begins. CBOT July wheat fell 3 cents to $6.53 3/4 a bushel. - I-Net Bridge