Annual maize forecast increases
May 21, 2004
Johannesburg - South Africa's 2003/04 maize crop was forecast to total 7.67 million tons, up 1 percent from last month's 7.59 million ton forecast, as farmers reported better-than-expected yields, the government said yesterday.
"They [farmers] are starting to harvest and better yields than we were expecting are being seen," national crop estimates committee chairman Rodney Dredge said.
"We have increased the yield figures in the Free State for white maize from 2.6 to 2.65 tons a hectare and for yellow maize from 2.55 to 2.6 tons."
Dealers said the figures were near expectations but could push prices down in the short term.
"Prices might go down [today], perhaps R10 to R15," said one Johannesburg-based trader.
He added that the rand and prices in Chicago would continue to dictate the market, which is languishing near six-month lows.
Before the figures were released, the most active July white maize contract closed up R5 to R1 059 a ton. Yellow maize ended R7 higher on R1 084 a ton.
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