HomeBusiness DigestSA maize exports up but futures fall

SA maize exports up but futures fall

SOUTH Africa exported 8,891 tonnes of white maize into southern Africa last week compared to 8,115 tonnes previously, the South African Grain Information Service (SAGIS) said on Tuesday.

The exports were destined for Botswana, Lesotho, Namibia, Swaziland and Zimbabwe.
White maize imports, purchased from Zambia, rose to 1,067 tonnes in the week to March 14 compared to 646 tonnes previously.
Yellow maize exports increased to 1,293 tonnes from 1,063 tonnes, and were sold to Botswana, Namibia, Swaziland and Zimbabwe.
There were no yellow maize imports recorded during the week SAGIS said on its website, www.sagis.org.za .
Imports have been considerably lower over the past month with the market judging the country has adequate maize supplies.
Traders said despite the increase in imports and exports, the data was unlikely to move the market, which has mainly taken direction from international prices and movements in the rand currency for the past month.
“I think we’ve almost reached a point now where the market’s decided we’re going to have enough maize for the season and for the carry-out,” one trader said.
The benchmark July maize contract slumped by the maximum 45 rand daily limit on Tuesday, as the market responded to lower prices on the Chicago Board of Trade (CBOT).CBOT corn futures fell by over 1.3%. — Reuters.

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