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Johannesburg - Data showed on Tuesday that South Africa recorded a big jump in maize exports last week, lifted by sales to Brazil and South Korea. Maize futures edged down as the rand held firm against the dollar.
The continent's top maize producer exported 40 141 tonnes of white maize last week compared with 9 255 tonnes in the previous week, the South African Grain Information Service (Sagis) said.
Brazil bought the bulk of the white maize variety at 28 800 tonnes.
Exports of yellow maize, mainly used for stock feed, were recorded at 72 604 tonnes, compared with 2 468 tonnes in the week before.
South Korea, which has been a major buyer of South Africa's yellow maize this marketing season, imported 70 396 tonnes.
South Africa harvested its biggest crop in three decades in the 2009/10 season, which left it with a surplus of about 4 million tonnes.
The agriculture minister has said the country would export the surplus to the world's biggest emerging markets, after ensuring security of food supplies in southern Africa first.
South African maize farmers have raised concerns that the surplus maize will push prices lower.
Maize futures ended lower on Tuesday as the rand held firm against the dollar.
A stronger rand makes South African products expensive for foreign buyers and corn is globally priced in dollars, so the local market follows the rand/dollar exchange rate closely.
The rand hovered near early January highs against the dollar on Tuesday, and was seen holding its ground during the session as risky assets remain in favour with investors globally.
The most active July white maize futures contract closed down 1.32% at R1 650 a tonne.
Yellow maize for delivery in the same month closed 1.16% lower at R1 700 rand a tonne.
The continent's top maize producer exported 40 141 tonnes of white maize last week compared with 9 255 tonnes in the previous week, the South African Grain Information Service (Sagis) said.
Brazil bought the bulk of the white maize variety at 28 800 tonnes.
Exports of yellow maize, mainly used for stock feed, were recorded at 72 604 tonnes, compared with 2 468 tonnes in the week before.
South Korea, which has been a major buyer of South Africa's yellow maize this marketing season, imported 70 396 tonnes.
South Africa harvested its biggest crop in three decades in the 2009/10 season, which left it with a surplus of about 4 million tonnes.
The agriculture minister has said the country would export the surplus to the world's biggest emerging markets, after ensuring security of food supplies in southern Africa first.
South African maize farmers have raised concerns that the surplus maize will push prices lower.
Maize futures ended lower on Tuesday as the rand held firm against the dollar.
A stronger rand makes South African products expensive for foreign buyers and corn is globally priced in dollars, so the local market follows the rand/dollar exchange rate closely.
The rand hovered near early January highs against the dollar on Tuesday, and was seen holding its ground during the session as risky assets remain in favour with investors globally.
The most active July white maize futures contract closed down 1.32% at R1 650 a tonne.
Yellow maize for delivery in the same month closed 1.16% lower at R1 700 rand a tonne.
