Maize deliveries to South African silos rose last week, data showed on Wednesday, while maize futures ended lower, in line with international trends on the Chicago Board of Trade (CBOT). Total maize deliveries rose to 11.375 million tonnes in the week to March 26, up from 11.36 million tonnes the previous week, the South African Grain Information Service (SAGIS) said on its website www.sagis.org.za
White maize deliveries rose to 6.612 million tonnes from a revised 6.608 million tonnes, while yellow maize submissions increased to 4.763 million tonnes from a revised 4.753 million. The fresh deliveries will bring South Africa closer to its forecast target for the season of about 11.63 million tonnes.
South African maize farmers - the biggest producers of the grain on the continent - brought 14,000 tonnes of maize to market last week, compared with 25,000 tonnes the previous week. Farmers have in the last few weeks reduced their maize deliveries in view of the imminent closure in April of the marketing season.
A combination of good weather and rains in key maize growing areas, bumper harvests of the staple and lower international prices have helped keep maize futures prices on the South African Futures Exchange (SAFEX) relatively low over the past year, traders said.
Maize futures ended lower on Wednesday, in line with the CBOT, which South African traders watch closely to remain competitive in markets for which exporters in Africa's largest economy and the United States compete.