SA maize and wheat closed Friday’s session higher‚ tracking Chicago Board of Trade (CBoT) figures higher and due to absence of local rain that was previously expected.
“We had some of expectation of rain over the weekend in the NorthWest and the Free State‚ but it looks like it will only rain next week‚ so farmers can only plant grains a bit later‚ after it has rained‚ because the soil is too dry to plant seeds‚ and this also drove price higher today.
The rand did not drive prices higher‚ because the rand was trading stronger today‚” a local trader said.
White maize for December delivery‚ the most active contract on the South African Futures Exchange‚ added R60 to close at R2‚535 a ton. Meal made from the grain is SA’s staple food.
Yellow maize for December delivery‚ the most active contract‚ gained R48 to close at R2‚550 a ton. The grain is used mainly as animal feed in SA. Wheat for December delivery added R15 to close at R3‚586 a ton.
Meanwhile US soybean futures jumped on Thursday on a mix of technical buying‚ short-covering and concerns about tight supplies. Chicago Board of Trade November soybeans settled up 36 1/4 cents or 2.4% at $15.45 1/2 a bushel. Soybeans pulled corn and wheat futures higher on Thursday.
The drought shrank the US corn crop this year‚ and world wheat production faces a range of threats.
December corn futures settled up 15 1/4 cents or 2.0% at $7.60 3/4 a bushel.
CBOT December wheat rose 12 1/4 cents or 1.4% to $8.68 1/2 a bushel. KCBT December wheat rose 10 3/4 cents or 1.2% to $9.04 3/4 a bushel. MGEX December wheat rose 4 1/2 cents or 0.5% to $9.44 a bushel.
