Grains up on CBoT after US reports
Maize and wheat prices surge during today's trading session on higher Chicago Board of Trade (CBoT) figures.
Maize and wheat prices surged during the Monday trading session on higher Chicago Board of Trade (CBoT) figures‚ after corn and wheat futures jumped in the US on Friday after forecasters projected tighter-than-expected domestic supplies of the grains this year.
“There was bullish supply and demand in the market‚ but we failed to keep up with international prices due to the fact that local crops are in decent condition and therefore prices did not rise‚” a local trader said.
The white maize contract for March 2013 delivery surged by R69 to R2‚190 per ton and the white maize contract for July 2013 gained R66 to R2‚062 per ton.
The yellow maize contract for March 2013 delivery gained R79 to R2265 per ton and the July 2013 yellow maize contract added R69.20 to R2‚104.20 per ton.
The wheat contract for March 2013 added R71 to R3‚545 per ton.
In the US corn and wheat futures prices jumped on Friday after US forecasters projected tighter-than-expected domestic supplies of the grains this year.
The US Department of Agriculture said farmers last year harvested slightly more corn than it previously expected amid the nation's worst drought in decades.
The USDA‚ in a set of closely watched crop reports‚ also said wheat supplies will be smaller this year than analysts predicted because of strong demand for wheat for animal feed.
March corn futures settled up 10 cents‚ or 1.4%‚ at $7.08 3/4 a bushel at the Chicago Board of Trade‚ a three-week closing high. CBOT March wheat rose 10 1/4 cents or 1.4% at $7.54 3/4 a bushel‚ a one-week closing high.