Madeleine van Niekerk

South African grain prices dropped dramatically on Monday due to weaker prices on the Chicago Board of Trade (CBoT)‚ and the stronger rand over the weekend.

“The rand strengthened on Friday and US yellow maize and wheat have been lower since then as a result‚” said Andries van der Walt at Vrystaat Mielies in Potchefstroom.

“The price of maize also fell due to good rainfall over the weekend in the main maize-growing areas‚ such as the North West‚ Free State and Mpumalanga provinces‚” he added.

The white maize contract for March 2013 delivery shed R45 to R2‚057 per ton‚ the white maize contract for July 2013 gave back R47 to R1‚942 per ton and the white maize contract for September 2013 dipped R46 to R1‚973.

The yellow maize contract for March 2013 shed R50 to R2‚200 per ton and the July 2013 yellow maize contract lost R46 to close at R1‚991 per ton.

The wheat contract for March 2013 shed R51 to close at R3‚604 per ton and the July 2013 wheat contract gave back R66 to R3‚680 ton.