File image: Reuters

South African maize futures came under sharp selling pressure for the second straight session on Thursday, weighed by the combination of lower corn prices and harvest period.

Maize deliveries to the silos are picking up pace much earlier than usual due to dry weather conditions.

The near-dated May 2012 white maize contract slid R49 to R2,061 per ton, July 2012 white maize lost R59 to R2,011 per ton, and September 2012 white maize shed R57 to R2,035 per ton, according to preliminary I-Net Bridge data.

The near-dated May 2012 yellow maize contract was R50 weaker at R1,960 per ton, while the July 2012 yellow maize contract was down R58 to R1,968 per ton and the September 2012 yellow maize contract lost R43 to R2,002 per ton.

The May wheat contract shed R25 to R2,661 per ton, July wheat dipped R23 to R2,730 per ton, while the September 2012 wheat contract edged down R10 to R2,790 per ton.

Meanwhile, CBOT soybeans face strong technical resistance at $15 a bushel and will likely continue to retreat, Dow Jones Newswires reported.

CBOT July soybeans declined 1.2% to $14.85 a bushel Wednesday. - I-Net Bridge