South African maize prices slipped on Thursday due to lower Chicago Board of Trade (CBoT) figures‚ and a slightly stronger rand.

“US prices came down because they were overbought and we have seen a technical correction on their side‚ and profits were taken‚” a local trader said.

“Argentina is one of our competitors in the export market‚ and their climate has improved with rain expected‚ and this also drove our maize prices down‚” he added.

“A weaker rand overnight helped our wheat prices slightly higher‚” he said.

At 12.20pm the rand was trading at R9.0296 to the dollar form its previous close of R9.0626.

The white maize contract for March 2013 delivery lost R22 to R2‚180 per ton‚ the white maize contract for July 2013 shed R18 to R2‚058 per ton and the white maize contract for September 2013 gave back R26 to R2‚086.

The yellow maize contract for March 2013 delivery dipped R23 to R2‚305 per ton and the July 2013 yellow maize contract was off R16 to R2‚099 per ton.

The yellow maize contract for September 2013 was R28 softer at R2‚123.

The wheat contract for March 2013 recouped R32 to close at R3‚670 per ton and the wheat July 2013 contract ran up R52 to close at R3‚780.

Meanwhile corn and wheat followed soybeans lower in the US. The two grains were also pressured by continued concerns about weak export demand‚ and wheat was pressured by a wetter weather forecast for crops in the US southern plains.

With prices yet to settle‚ Chicago Board of Trade March soybeans are down 13 3/4 cents or 0.9% at $14.38 a bushel. March corn was down 7 1/2 cents or 1.0% at $7.21 a bushel.

CBOT March wheat was down 4 1/4 dents or 0.5% at $7.75 a bushel.