Maize Settled Up 1.66% At 1411

Maize settled up 1.66% at 1411 tracking firmness in spot demand and overseas prices. International Grains Council raised its forecast for global corn production in 2015/16 to 969 million tonnes, up from a prior forecast of 959 million - although still below the previous season's 1.016 billion. South Africa will likely harvest 7.255 million tonnes of maize in 2016, 27 percent less than the 9.95 million tonnes reaped last year because of a scorching drought and late plantings, a government agency said. The forecast harvest, which the Crop Estimates Committee said would be the smallest crop since 2007, was 5.6 higher than market expectations of 6.87 million tonnes.

 Domestic maize prices have been scaling all-time peaks as drought concerns have mounted after South Africa last year recorded its lowest rainfall levels since records began in 1904.

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