Advertise with

SA maize rises most in two months
SA maize rises most in two months

SA maize rises most in two months


IOL Business/ Bloomberg News - May 2nd, 10:03

Johannesburg - South African corn futures rose the most in more than two months after US prices gained as a government report showed cold and wet weather slowed planting.

White corn for delivery in July, the most active contract, jumped 3.7 percent, or the limit of 80 rand ($9), to 2,231 rand a metric ton by the close on the South African Futures Exchange in Johannesburg. That was the biggest increase since Feb. 27. The yellow variety for delivery in the same month also rose by the limit, advancing 3.8 percent to 2,212 rand a ton.

Corn surged 6.5 percent in Chicago yesterday after the US Department of Agriculture said farmers planted 5 percent of corn as of April 28, trailing the five-year average pace of 31 percent and the slowest start to the season since 1984. Rain will redevelop from about midweek in the Midwest, with heavy downpours possible in Illinois, forecaster DTN said in a report.

“There is much concern in the US that they can’t plant their corn in time due to the wet weather and they closed at a limit of 40 cents last night,” Lindy van Blommestein, a trader at Farmwise Grains (Pty) Ltd., said by phone from Johannesburg.

South Africa is the continent’s largest producer of corn. White corn is a staple food, while the yellow variety is mainly used as animal feed.

Wheat for delivery in July gained 1.3 percent to 3,430 rand a ton. - Bloomberg News  

Related News

Wall St gains on Fed hopes
25/10/2013 - 10:22
New York - US stocks resumed their upward move on Thursday as economic data underscored views US monetary stimulus will be in place for the foreseeable future and as earnings offered some upbeat news.

SA consumer inflation rate falls
24/10/2013 - 12:05
Johannesburg - South Africa’s inflation rate fell from the highest level in four years to 6 percent in September.

SA wool prices softer
24/10/2013 - 09:41
Port Elizabeth - The South African wool market ended softer this week, Cape Wools said on Wednesday.

Asian shares rise after Wall St rally
23/10/2013 - 09:52
Hong Kong - Asian markets mostly rose on Monday, with sentiment buoyed by last week's deal in Washington to avert a default as well as a record close on Wall Street.

SA, Poland sign trade deal
23/10/2013 - 08:27
Johannesburg - South Africa has endorsed a trade deal with Poland, Deputy President Kgalema Motlanthe has said