Agricultural futures

LOCAL maize futures hit new peaks yesterday as drought concerns intensified, raising the prospect of food price inflation pressures when the central bank is in a tightening cycle.

The March contract climbed more than 2 percent to a record high of R3 582 a ton after forecast rains over the weekend in the western part of the maize belt failed to meet expectations, traders said. The December contract surged almost 7 percent higher to R3 720 a ton, according to Thomson Reuters data.

Yellow maize has also hit record highs. The March yellow maize contract rose 2.4 percent to a record high. – Reuters