Maize futures slide to lowest in a month as rand climbs

Maize futures traded in South Africa, the continent’s largest producer of the grain, fell to one-month lows as advances by the rand against the dollar made imports cheaper.

White maize for delivery in December, the most active contract, slid 1.5% to R2,308 a metric tonne by the close on the South African Futures Exchange in Johannesburg. Yellow corn for the same delivery month dropped 0.9% to R2,147 a tonne. Those were the lowest prices since August 14 for both varieties.

 

The rand touched a five-week high against the dollar after Lawrence Summers withdrew his bid to become US Federal Reserve chairperson. South African corn prices also slumped on Monday after the grain fell in the prior session on the Chicago Board of Trade.

 

"The rand traded stronger than Friday and corn was down in the US," said Brink van Wyk, a trader at BVG.

 

Mielie meal, made from white maize, is one of South Africa's staple foods and yellow maize is mainly used as animal feed.

 

Wheat for delivery in December fell for a sixth session in seven to R3.345 rand a tonne, the lowest since August 19. – Bloomberg

We make it make sense

If this story helped you navigate your world, subscribe to the M&G today for just R30 for the first three months

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Related stories

WELCOME TO YOUR M&G

Already a subscriber? Sign in here

Advertising

Latest stories

‘Justice for Marikana will only be served if we see...

The mineworker union’s Joseph Mathunjwa spoke at the ten-year anniversary of the massacre

US conduct regarding Taiwan evinces a dangerous and ignorant strain...

It underestimates the role of face-saving, which is central to Chinese culture, and the country’s priorities, such as attaining the Chinese Dream

Eskom: Stage two load-shedding tonight

Continued blackouts highly likely on Wednesday and Thursday, the energy entity added

MPs dismiss Mkhwebane’s call to subpoena Ramaphosa

The president’s evidence is not necessary to determine whether she is guilty of misconduct, the section 194 committee concludes
Advertising

press releases

Loading latest Press Releases…
×