Below is a line graph portraying the current year spread for March yellow maize over March Corn, cash settled and traded on the JSE, as shown by the red vs the previous two years. The spread has climbed sharply since the beginning of October. The March yellow maize contract increased by R1061 whilst its corn counterpart only increased R206 over the same period. The spread could possibly increase further as Argentina lifted export restrictions and seems set to be more competitive in the near term regarding maize prices which could add downward pressure on U.S. corn prices. Domestically we’ve seen a very strong rally from the March yellow maize contract whilst its July yellow maize protégé showed very little interest even to the extent of trading in the negative some days which could suggest that we’re seeing one or a multitude of possibilities playing out such as a short squeeze on MAR16YMAZ or the expectation that yellow maize could run out in the next month or two due to slow imports and logistics in the short term…