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Maize futures end weaker on US crop report
South African maize futures ended weaker on Tuesday (1 October) in line with world prices‚ following a bearish US crops report.
The December white maize contract ended R40.20 weaker at R2‚336.80 a ton‚ with the March 2014 white maize contract losing R38 to R2‚336 a ton and the July 2014 white maize falling R16 to R2‚102 per ton.
The December yellow maize contract closed R51.20 weaker at R2‚141.80 a ton‚ while the March 2014 contract slipped R46 to R2‚140 a ton and July 2014 yellow maize dipped R32 to R2‚010 a ton.
The December wheat contract was down R28 to R3‚412 per ton and the March wheat contract shed R31 to R3‚473 per ton.
US inventories of corn and soybeans were larger than expected on 1 September‚ the US Department of Agriculture said.
Still‚ stockpiles of maize‚ soybean and wheat were sharply lower than last year after the drought in 2012 curbed production‚ the department said in its quarterly Grain Stocks report.
"The US market set the pace for us‚ but this pullback in prices could prove temporary given that it is harvest season in the US‚" independent trader Andrew Fletcher said.
Source: I-Net Bridge
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