South Africa's benchmark maize and wheat futures closed lower on Monday, following weaker international prices on the Chicago Board of Trade (CBOT), traders said. The most traded December white maize contract ended down 1.99 percent, or 39 rand, at 1,923 rand a tonne, while yellow maize for delivery in the same month shed 1.59 percent, or 31 rand, to 1,917 rand a tonne.
Wheat for December delivery also fell, dropping 0.92 percent, or 29 rand, to 3,135 rand a tonne. "We've pretty much picked up where we left off last week. All eyes are on Chicago at the moment and looking at the possible impact of the US financial crisis on grain prices," a Johannesburg trader said.
CBOT corn ended lower on Friday and had also been expected to open weaker on Monday, pressured by declines in crude oil and hesitant buying amid worries about the fate of the US economy. Maize and wheat futures in South Africa, the biggest maize producer on the continent, have been sharply affected by concerns about the US financial sector.
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