Rand and crop data

15 Aug, 2004

South Africa's volatile rand currency and crop estimates data will guide maize prices next week, traders said on Friday.
Traders said they again expected an upward revision of 2004/05 crop estimates but were divided on the size of the adjustment a move that would inflate already bulging stocks and drive down prices.
"We expect the crop estimates will be between 8.15 and 8.3 million tonnes, so that's quite a big number," CTH economist Jacob Grobbelaar told Reuters.
Last month, the National Crop Estimates Committee forecast a crop of 8.06 million tonnes, up 1.9 percent from projections.

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