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Maize slips‚ wheat mixed as summer rains awaited
Maize prices slipped‚ while wheat futures were mixed as the grains market waited for the first summer rain to fall.
"We should have closed a lot softer on maize as the Chicago rand equivalent was R25 per ton lower given the strength of the rand since the market closed on Friday (6 September)‚ but the market is concerned about our local rain.
"This time last year we already had some rain in the summer rainfall areas‚ but none so far this season. The result is that soil moisture is low‚ so farmers are waiting for the first rains to fall before they start planting‚" Vrystaat Mielies grains trader Hansie Swanepoel said.
The September white maize contract slipped 20c to R2‚305.80 per ton‚ the December white maize contract was steady at R2‚338 per ton and the March 2014 white maize contract was down R2 to R2‚320 per ton.
September yellow maize closed down R6.80 at R2‚116.20 per ton‚ the December yellow maize contract lost R11 to R2‚158 per ton and the March 2014 yellow maize contract dropped R8.20 to R2‚136.80 per ton.
September wheat jumped R30 to R3‚400 per ton‚ but December wheat fell by R19 to R3‚366 per ton and March 2014 was down R20 to R3‚441.
Because the US maize crop completed its most crucial stages of growth in June and July‚ when cool weather kept stress on crops low‚ market participants said they do not suspect the same supply caution to drive prices.
Wheat futures were supported by the stronger-than-expected pace of recent exports and the gains in maize‚ as the two grains are direct substitutes in animal feed.
Chicago Board of Trade's December wheat added 7 1/2 cents‚ or 1.2%‚ to US$6.47 3/4 a bushel.
Source: I-Net Bridge
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