May 6, 2008

South African corn futures end slightly higher

South African white corn futures ended slightly higher Monday, although volumes were thin following a long weekend.

South African markets were closed for public holidays Thursday and Friday.

The most active white corn for July delivery contract gained 11 rand to finish at ZAR1,772 a tonne, while May white corn was up ZAR7 at ZAR1,757/ton.

"The outlook looks very good for the week. We are watching how planting progresses in the US and its rains are not making it easy for farmers to go to the fields," one trader said.

The trader said the market was unable to make any significant moves on the upside after Friday's drop on the Chicago Board of Trade, despite the gloomy weather in the US.

Shortly after the market closed, the rand was bid at 7.58 to the dollar from a previous close of 7.55.