Agricultural futures - 2 December 2004 December 2, 2004
Johannesburg and Chicago - White maize prices in South Africa fell on expectations that it might rain today in the Free State, according to the South African Weather Service.
South Africa's main maize growing areas normally get their first rains in October and November, when the planting season starts. The crop is harvested midway through the following year.
White maize for delivery in March fell R20 to close trade at R911 a ton on the SA Futures Exchange. Yellow maize rose R22 to R918. Wheat for March delivery rose R25 to R1 379 a ton.
The US and Argentina are the world's two largest maize exporters.
Maize futures at the Chicago Board of Trade were slightly higher yesterday on a technical bounce after falling to two-and-a- half-year lows this week.
The market was oversold with the nine-day relative strength index for the December contract at 27 on Tuesday's close.
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