/ 24 March 1999

RAIN DAMPENS MAIZE PRICE

MAIZE prices tumbled early on Tuesday following widespread rain at the weekend, traders said. Futures on white maize sagged across the board, falling as much as the R30 daily limit in the April contract. Dealings were thin following the three-day weekend. South Africa released its second official estimate for this year’s maize harvest on Friday, pegging the commercial crop at only 5,99-million tons. The National Crop Estimates Committee said the tumble in expected production is due to the extreme heat and drought which had engulfed key growing areas since February.