Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Banner Left
Banner Right

SA maize, wheat futures end higher on currency

SA maize, wheat futures end higher on currency

JOHANNESBURG – South Africa’s most traded maize and wheat futures ended higher yesterday, boosted mainly by a weaker rand.

The benchmark March maize futures contract reversed earlier losses during the week, with white maize for delivery in that month gaining 1.45 per cent, or R26, to R1 815 a ton.
March yellow maize was up 0.23 per cent, or R4, at R1 744 a ton.
Traders said maize futures had been buoyed by a weaker rand against the US dollar during the grain trading session, and had also followed CBOT corn futures that were higher overnight.
‘The rand was a major factor today. The weakness that we had with the currency was a big factor in the gains for maize,’ a trader said.
A weak rand makes South African imports cheaper for foreign buyers.
‘Another thing to note is that we traded in quite low volumes,’ the trader said.
The most active March wheat futures contract also rode higher, gaining 1.90 per cent, or R53, to R2 836 a ton.
‘It’s partly on the worries about the cold weather in the US Midwest affecting the winter wheat crop and that’s why you see strong gains in wheat in general,’ a second trader said.
Local grain futures have continued to take their cue from the currency and the international market at the beginning of this year, with weather sentiment contributing only slightly to price direction.
‘I think as long as we have that volatility with the rand then it will continue to be a factor … and the guys here will always keep their eye on what happens internationally,’ the second trader said. – Nampa-Reuters

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!

Latest News