South Africa's July white maize futures hovered near 27-month peaks on Friday, driven by a softer rand currency and worries that excessive rains may have damaged this season's crop.
"There was some rand play and I think a bit of a problem with the crop grade (pushed prices up)," said one local trader, adding that a break of 1,244 rand in the previous session could see the contract fetching 1,350 in coming weeks.
The July white maize contract closed 4 rand higher at 1,248 rand a tonne. It first touched the 1,248 rand mark on Thursday - its highest level since February 2004, according to Reuters data.
Comments
Comments are closed.