Maize prices fall again after rain
April 8, 2004
By Bloomberg
Johannesburg - Maize prices in South Africa, one of the world's top five maize exporters, fell for a second day on the SA Futures Exchange as late-season rain eased concern a drought will cut the harvest.
The country's worst drought in 88 years of records affected 27 percent of the land area during the first half of the season.
The government's Crop Estimates Committee last month estimated commercial farmers would harvest 7.67 million tons of white and yellow maize compared with the committee's forecast of 7.02 million tons the month earlier.
That is still 21 percent less than last year's harvest.
South Africa imported 71 921 tons last week from the US and Argentina, compared with exports of 14 380 tons, boosting supplies of the grain.
White maize for delivery in July fell R13, or 1.1 percent, to R1 165 a ton in Johannesburg. White maize is used mainly for human consumption locally. Yellow maize, used mainly as animal feed, declined R6 to R1 184 a ton.
|
|
