October 7, 2008

South African corn sharply down, tracking CBOT

South African white corn futures ended sharply lower Monday (October 6), moving with international markets.

Traders say at the moment local markets are just following the downward track of the US market, after falls on the CBOT.

Traders pointed out that there was still a lot of negativity in the market as markets as a whole wait to see the effectiveness of the US bailout in alleviating the global financial problem.

The December white corn contract fell ZAR50 to ZAR1,776 a tonne, March corn was down ZAR50 to ZAR1,855/tonne and in-delivery October corn shed ZAR68 to ZAR1,701/tonne.

Among other grains, December wheat lost ZAR75 to ZAR2,953/tonne, March wheat fell ZAR73 to ZAR3,047/tonne and October wheat was unchanged at ZAR3,079/tonne.

US$1 = ZAR8.8395 as of October 7, 2008