An update on the JULY over March 2017 white maize spread.  The spread closed rapidly over the month of March to -R782 as shown by the red line in the graph below.  The spread then opened R273 as the JUL7WMAZ contract declined R358 whilst the MAR17WMAZ contract only declined R85.  The spread opening was short lived as the spread closed R185 again with the JUL7WMAZ contract gaining R180 whilst the MAR17WMAZ contract showed a decline of R5.  The net move indicated an opening of only R88 over the past 6 trading sessions with the spread currently standing on R-870 JULWMAZ17 below MAR17WMAZ