RAIN MAY SAVE MAIZE CROP

MAIZE futures moved down sharply in early Monday trade after widespread rains this weekend in maize growing areas. The North-West province’s Klerksdorp had 51mm of rain and Lichtenburg had a soaking 58mm. The Free State towns of Kroonstad received 13mm, Frankfort 19mm and Welkom 15mm. Gauteng and Northern provinces also had scattered showers. Futures dealers said the rain has arrested damage done to South Africa’s most important crop by weeks of hot dry weather that has seen market players reduce their estimates of the size of the crop.