Agricultural futures

WHITE maize for delivery in July, the most active contract, dropped 0.7 percent to R1 793 a ton on the SA Futures Exchange yesterday, amid expectations for good crop.

The price was the lowest for a most-active contract since October 2014.

“We are likely to see a bumper crop this year and that has been the major impact on maize prices,” Paul Makube, FNB senior agricultural economist, said in an interview.

Prices were likely to be in the R1 500-R1 800 a ton range between May and August “when the harvest is in full swing”, said Makube. – Bloomberg