R/€ = 14.20
R/$ = 10.57
Au 1304.54 $/oz
Pt 1487.50 $/oz
Mar 23, 2005
SA maize prices fall ahead of crop estimateBack
Reuters|Human Rights Day|Crop Estimates Committee|South African Grain Information Service|Ericsson R520 Cell Phone
© Reuse this South African maize futures fell yesterday ahead of a crop estimate today that is expected to show a further rise in production, traders said.
Import and export figures which were supposed to be out yesterday, were delayed for a day because of Monday's Human Rights Day public holiday, the South African Grain Information Service said.
A Reuters poll of seven trading houses showed them expecting a 10,78-million ton projection from the Crop Estimates Committee today, well up from 2004's 9,48-million and also an increase on February's projection of 10,26-million tons.
"It definitely will have an effect," said one maize trader.
"Although the market is pretty comfortable at the moment. We're trading sideways in a range."
July white maize futures closed down R19 at R558/t yesterday, with the equivalent yellow maize contract off R17 to R610.
Traders said fundamentals still looked bearish, with a large surplus and limited export demand.
Most movement was technical and July white was trapped in a R520-R620 range. - Reuters.
Edited by: jenny furness© Reuse this Comment Guidelines
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