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“We had a quiet trading day today with not much happening in the market‚” a local trader said.
“The market opened lower and stayed that way. Rain forecast in the US caused the Chicago Board of Trade to fall‚ and we followed‚” he added.
The near-dated August white maize contract was down R16 to R2‚695 a ton and the September white maize contract also shed R16 to R2‚715 a ton. The December white maize contract dropped by R15.00 to R2‚779.00 a ton.
The near-dated August yellow maize contract dipped R2 to R2‚708 a ton‚ the September yellow maize contract closed unchanged at R2‚727 a ton and the December yellow maize contract was R6 softer at R2‚752 a ton.
The August wheat contract was untraded‚ remaining at R3‚426 a ton‚ the September wheat contract shed R14 to R3‚448 a ton and the December wheat contract dropped R26 to R3‚454 a ton.
Meanwhile US soybean futures settled lower on Tuesday‚ pressured by the potential benefits of coming rain and cooler weather on the US’s developing soybean crop.
Chicago Board of Trade August soybeans settled down 2 1/4 cents‚ or 0.1%‚ at US$16.05 1/4 a bushel‚ and November soybeans settled down 18 1/2 cents‚ or 1.2%‚ at $15.65 3/4.
Weather forecasts were less extreme for the farm belt in coming days‚ with rains moving across the Midwest and cooler temperatures expected for the latter part of the week.
Separately on Tuesday‚ corn futures ended lower‚ pressured by slumping demand from end users such as livestock producers as prices trade at historic highs.
CBOT September corn settled down 7 US cents‚ or 0.9%‚ at $7.96 a bushel. CBOT December corn closed down 4 1/2 cents‚ or 0.6%‚ at $8.00 1/2.
US wheat futures finished lower as well‚ pressured by good yield results from the US’s spring wheat harvest. CBOT September wheat fell 4 1/4 cents‚ or 0.5%‚ to $8.89 a bushel. KCBT September wheat settled unchanged at $8.96 a bushel. MGEX September wheat declined 2 3/4 cents‚ or 0.3%‚ at $9.36 1/4.
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