S.Africa maize surges to new peak on weather fears

South Africa's most traded maize futures jumped by almost four per cent on Tuesday to a fresh four-year peak amid worries hot temperatures and dry weather in the grain heartland would persist, resulting in a smaller yield.

The July white maize contract shot 65 rand higher or 3.89 percent to hit its daily trade limit, closing at 1,736 rand a tonne.
The March white maize contract also clocked up 60 rand to 1,683 rand a tonne, 3.7 percent higher.

Maize prices have been on an upward trend since the new year, buoyed by a stubborn lack of rainfall and a heatwave sweeping parts of key crop-growing regions, including the North West and Free State provinces, said traders.

Read more at Reuters South Africa