South African maize prices ticked higher on Friday in step with the US market and a weaker rand but the overall tone still appeared bearish, traders said. July white maize futures closed 1.33 percent up at 1,680 rand a tonne after bouncing back and forth over the past week.
"It's on the back of Chicago, the spot price was up ... But I think the thing that moved it was the rand. The next target is trying the 1,700 level," one dealer said. "It ran out of momentum at 1,690. There were plenty of sellers at 1,690. The overall tone is still bearish. We haven't lost downward momentum."
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