Yellow maize falls to 1-week low


Johannesburg - Yellow maize in South Africa, the continent’s biggest producer, dropped to the lowest level in a week in Johannesburg. Wheat also fell.

The yellow-maize contract for delivery in December decreased 0.7 percent to 1,893 rand a metric ton, the lowest since August 5, by the midday close on the South African Futures Exchange.

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File image: Reuters

The white variety for delivery in the same month fell 0.2 percent to 1,829 rand a ton.

The nation exported 70,465 tons of yellow maize in the week to August 8, Pretoria-based South African Grain Information Service said in a statement on its website.

That included 33,499 tons to Taiwan and 33,853 tons to South Korea.

Meal from white maize is used to make a staple food known as pap.

The yellow variety is mainly used for animal feed.

Wheat for delivery in December lost 0.1 percent to 3,643 rand a ton.

While South Africa is the sub-Saharan region’s biggest producer of the cereal after Ethiopia, it’s still a net importer of the grain, according to US Department of Agriculture data.

The nation is the area’s biggest buyer of the grain after Nigeria and Sudan. - Bloomberg News

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