South Africas main maize futures ended up on Friday, tracking higher Chicago Board of Trade (CBOT) corn prices, while the benchmark wheat futures fell on the back of a firmer rand against the US dollar. The most active July white maize futures contract closed 0.64 percent up at 1,597.2 rand a tonne, and yellow maize for delivery in that month rose 0.83 percent to 1,573 rand a tonne.
"Despite the firmer rand today, maize was countered by a really strong rally on Chicago, on the corn," a Johannesburg trader said. "The (CBOT) corn price by far rallied a lot more than the strengthening of the rand, hence the upward movement here on our market." CBOT corn futures rose 5.8 percent on Thursday and were called to open higher on Friday amid technical buying spurred by stronger equity and crude oil markets. Locals watch the CBOT market to stay competitive internationally.
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