Maize prices continue to gain
April 6, 2004
By Bloomberg
Johannesburg - Maize prices in South Africa, usually one of the world's top five maize exporters, rose for their fifth consecutive session on the Futures Exchange in Johannesburg yesterday.
In the first half of the season 27 percent of South Africa's land area experienced the worst drought in 88 years. Rain in recent weeks has come too late for much of the crop.
The Pretoria-based crop estimates committee last month estimated that commercial farmers would harvest 7.67 million tons of maize compared with its forecast of 7.02 million tons a month earlier.
That is still 21 percent less than last year's harvest.
White maize, used mainly for human consumption in this country, for delivery in July rose 2.6 percent to R1 218 a ton in Johannesburg. Yellow maize, used mainly as animal feed, gained 2.4 percent to R1 230 a ton.
The price for the most active wheat contract rose 0.5 percent to R1 709 a ton while sunflowers gained 1.2 percent to R2 135 and soyabeans 0.2 percent to R2 480.
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