Agricultural futures - 14 September 2004
September 14, 2004
Johannesburg - Maize futures fell in early week trade, pressured by US supply figures and a strengthening rand, traders said yesterday.
"These factors are combining to make our market weaker," said economist Andrew Fletcher of producer body Grain SA.
Traders were also increasingly expecting a higher crop estimate on September 20, the same day planting intentions figures would be released.
"Prices will be under pressure in expectation of a higher crop estimate," he said.
December white maize futures closed down R19 at R961 a ton, while the equivalent yellow maize contract was down R15 at R988.
Chicago maize futures hit contract lows on Friday after the US released a huge crop estimate nearing 11 billion bushels.
A Pretoria futures trader said the white maize contract had tested support at R960 and next support lay at R915.
"I think we might break R960 towards the end of the week.
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