South African maize prices rebounded on Tuesday in response to a weaker rand, while data showed exports were up just slightly last week. The main December white maize contract rose just over one percent to 1,381 rand a tonne, clawing back some of its steep Monday losses when it slid 2.6 percent after a rout in Chicago corn futures.
But traders said the market focused on local factors such as the rand, which was a few cents weaker on the session when the maize futures market closed at midday. Technical factors also supported prices.
"The market followed the weaker rand today," one trader said. White maize exports rose to 3,347 tonnes from 1,735 in the week to August 11, the South African Grain Information Service said in data released after the market closed.
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