White maize futures tumble as investors book profits
The white maize contract due for delivery in March 2015 tumbled R68 to R2‚680 a ton and the white maize July 2015 contract fell R26 to R2‚750 a ton.
"This is a correction from technically overbought levels‚" Senwes analyst Thys Grobbelaar.
Since the beginning of February‚ the price of white maize has surged by between R500 and R600 amid dry conditions‚ which could lead to a smaller than expected crop.
"If our crop is too small‚ we will have to import but the question is where will we import from‚" Mr Grobbelaar asked‚ adding that white maize was very scarce.
"Mexico is a big producer but they don't even have enough for themselves‚" he said‚ "while a lack of sufficient rainfall has also affected the size of the crop in the US."
The Crop Estimate Committee will give its first production estimate next week.
Meanwhile‚ yellow maize futures finished higher on Friday‚ following international prices.
The price of the yellow maize contract for delivery in March 2015 increased R41 to R2‚421 a ton‚ the yellow maize July 2015 contract gained R38 to R2‚425 a ton and the September 2015 yellow maize contract was up R4 to R2‚454 a ton.
Wheat futures were softer‚ with the March 2015 wheat contract losing R5 to R3‚840 a ton. The September 2015 wheat contract also fell R5 to R3‚865. The July 2015 wheat contract was flat at R3‚910.