May 13, 2008

South African corn awaits cue from CBOT amid quiet trading

South African white corn futures ended a muted session with modest gains Monday (May 12, 2008) with traders remaining on the sidelines in the absence of fresh news.

The most active white corn for July delivery contract rose 8 rand to ZAR1,862 a tonne, and the in-delivery May white corn ended flat at ZAR1,845/tonne.

"CBOT did not do much on Friday and the rand has been around the same levels for a while now," one trader said.

Traders said the market would continue to watch movements in the rand and on the Chicago Board of Trade, where the weather is dominating trader sentiment, for direction.

Shortly before the local market closed, the rand was bid at 7.66 to the dollar from a previous close of 7.68.