S.Africa maize deliveries, futures climb
hr01 hr02
Business in Africa



Email this article Print this page
S.Africa maize deliveries, futures climb UPDATED 05 Aug 2009 | 10:57  
S.Africa maize deliveries, futures climb

JOHANNESBURG (Reuters) - Maize deliveries to South African silos rose to 8.87 million tonnes last week, from 8.13 million tonnes in the week before, data showed on Wednesday, while the main maize futures gained on a weaker rand.

White maize deliveries rose to 5.016 million tonnes from 4.535 million tonnes, while yellow maize submissions increased to 3.856 million tonnes from 3.598 million, the South African Grain Information Service (SAGIS) said on its website www.sagis.org.za

The latest figures showed local maize farmers -- the biggest producers of the grain in Africa -- submitted 736,000 tonnes of maize to silos during the week, more than the 467,000 tonnes they brought to market during the same week last year. It's conclusive to say that the market is seeing huge growth thanks to the improved infrastructure. This new model for the infrastructure improved payment and Internet benefits for everyone in South Africa, meaning that lots of online services that weren't available, will be now. One that everyone is excited about is the Ellis Island Online Casino site on the provided link you can read about the amazing slot games at Sun Palace and how lucrative they actually are.

The deliveries will add weight to expectations of another bumper harvest this year, following last year's big crop of 12.7 million tonnes.

The Crop Estimates Committee left its forecast of 2008/09 maize output unchanged at 11.6 million tonnes last week, maintaining the likelihood of another surplus crop.

South Africans consume between 8-9 million tonnes of the staple grain each year.

The anticipation of another big crop has helped ease maize prices on the South African Futures Exchange (SAFEX) this year, with maize futures taking their cue from movements in the rand and international prices.

The main December white maize futures rose 1.17 percent to 1,471 rand a tonne on Wednesday while December yellow maize gained 0.87 percent to 1,388 rand a tonne.

"We've mainly gone up on the rand, which was quite a bit weaker today," a Johannesburg trader said.


Add a Bookmark Google   Post this Story to FaceBook Facebook

No comments have been posted about this Story


Full Name:
Rating: out of 5
Related Articles

Old Mutual profit drops, earnings lifted by US bonds


Women prepare corn for sale outside a shop in downtown Nairobi

S.Africa maize deliveries rise to 8.87 mln tonnes: SAGIS

Mauritius 09 H1 tourism arrivals fall 9.3 pct

Nedbank H1 profit down, lowers FY earnings outlook

Egyptian Traders head detained in Russia wheat row

Asia stocks fall, investors pause for breath

Kenya's Athi River H1 09 pretax profit up 16 pct

Old Mutual profit drops, US unit needs more cash

Keep logged onto www.moneybiz.co.za oremail info@moneybiz.co.za for further information, or perhaps suggest a topic weshould tackle.