/ 17 February 1999

MAIZE FUTURES SPIKE

MAIZE soared in Monday trade as continuing widespread dry hot weather fed market fears of a reduced and damaged crop, traders and producers said. White and yellow maize futures contracts added about 20 rand a ton as the key maize growing areas dried out, in some cases with irreversible damage, while rains were not widespread. White maize’s March contracts climbed 24 rand ($6) to 694, May was up R28 rand to 675, July touched 670 after rising R27 and the September contract was up to 687 after adding R29 – one short of the R30 market limit.