South African maize mixed

12 Nov, 2005

South African maize prices were mixed on Friday and were seen stuck in a fairly broad range ahead of estimates of planting intentions in 10 days.
The benchmark December white maize futures contract climbed eight rand or 0.9 percent to 872 rand ($128.60) a tonne, almost three percent above last Friday's close.
The market for the past several weeks has been stuck between around 800 and 890 rand and was not seen breaking out of this region next week.
"It looks like the market is consolidating just below its recent higher levels," said one trader.
The market will be focusing on the next estimate of planting intentions, which is scheduled for release on November 21.
South Africa's Crop Estimates Committee said in September that farmers intended to plant 42 percent less land with maize, aiming to sow 1.699 million hectares for 2006 against 2.930 million previously.
But the price has added almost 150 rand since the survey was taken in early September so farmers might be aiming to plant more now.
"The growing conditions are not looking bad at the moment, there is moisture around," said one trader.
Rain was forecast for the weekend over parts of the eastern Free State, North West province and Mpumalanga. December yellow maize lost seven rand on the day to close at 805 rand, still 15 higher than its close last Friday.

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