By Madeleine van Niekerk

Maize futures closed lower on Monday on softer Chicago Board of Trade (CBoT) prices.

Global corn production was forecast at a record 965.94-million tons‚ a 13% jump from the previous year‚ by a US Department of Agriculture report released on Friday. This drove corn prices lower.

“The US report showed increased crop figures for most of the year‚ and that was the main reason why their prices fell. Local prices then tracked the US lower‚” a local trader said.

“Our nearer-dated local wheat prices closed softer due to lower Chicago and Kansas prices as world ending stocks were forecast higher‚” he said.

The white maize contract for July retreated R20.80 to R2‚121.20 per ton‚ white maize for September delivery was down R22 to R2‚153 per ton and December white maize ended R24.80 lower at R2‚202.20 per ton.

Yellow maize for July delivery ended R24 softer at R2‚103 per ton‚ September maize was R21 softer at R2‚136 per ton and December yellow maize ended R28 weaker at R2‚175 per ton.

The July wheat contract slipped R9 to R3‚477 per ton‚ September wheat eased R15 to R3‚440 per ton‚ while December wheat was up R25 to R3‚311 per ton.