Maize ends lower on weaker CBoT prices and local rainfall
"Maize closed limits down‚ R80 lower‚ after US corn prices fell 16 US cents and local rain in some of our main maize growing areas such as the North West and the Free State‚ weighed on prices‚" a local trader said.
"Wheat was down because of a fall in Chicago prices and because of an overhang of a Russian tax on wheat exports. Russia has decided to tax the exports of their wheat to protect their local wheat industry‚" the trader said.
The March 2015 white maize contract dropped R80 to R1‚950 a ton and the July 2015 white maize contract also shed R80 to R1‚956 a ton.
March 2015 yellow maize also fell R80 to R1‚987 a ton and the July 2015 yellow maize contract was down R77 to R1‚991 a ton.
Wheat for delivery in March 2015 gave back R15 to R3‚930 a ton.
Meanwhile‚ in the US‚ corn futures plunged on Tuesday as evidence of ample world inventories prompted fresh selling in the grain market‚ Dow Jones Newswires reported.
Corn futures for March delivery at the Chicago Board of Trade fell 16 1/4 cents‚ or 4%‚ to $3.85 3/4 a bushel.
Wheat prices fell to a seven-week low‚ pressured by losses in the corn market.
CBoT March wheat declined 7 1/2 cents‚ or 1.4%‚ to $5.48 a bushel.