Grains higher on rand‚ CBoT
Johannesburg - South African grain prices closed the Monday session higher due to a weaker rand and higher Chicago Board of Trade figures (CBoT) on Friday.
“The white maize market was up strongly today‚ due to a weaker rand that went to almost R8.90 to the dollar. The weaker rand was very supportive of the maize and wheat market‚” Rudi Swanepoel‚ trader at Farmwise Grains said.
Today is Martin Luther King Day in the US and grains markets are closed.
“We did have rain over the weekend‚ so it is a case of sell the rumour and buy the fact. Corn in America closed US3c to US4c higher per bushel in the US on Friday‚ which supported our prices today‚” he added.
The white maize contract for March 2013 delivery added R25 to R2‚206 per ton‚ the white maize contract for July 2013 gained R32 to R2‚078 per ton and the white maize September 2013 contract lifted R35 to R2‚109.
The yellow maize contract for March 2013 delivery dipped R17 to R2‚300 per ton‚ the July 2013 yellow maize contract added R22 to R2‚121 and the yellow maize September 2013 contract picked up R26 to R2‚150.
The wheat contract for March 2013 lifted R7 to close at R3‚632. - I-Net Bridge