Johannesburg - South African white-corn futures rose the most in a month before a government report that may show no change in production estimates and as the rand weakened against the dollar, making imports more expensive.
White corn for delivery in December, the most active contract, gained 1.4 percent, the most since August 26, to 2,344 rand ($234) a metric ton, by the midday close in Johannesburg.
The yellow variety for delivery in the same month, increased 0.8 percent to 2,156 rand a ton.
The nation will probably reap the same amount of the grain this season as the 11.5 million tons predicted in the previous month, a median estimate of six analysts in a Bloomberg survey shows.
“We are expecting the final crop estimate today, some parts of the country look OK, while other parts, like the North West province, don’t, so we will see,” Jacques Pretorius, a trader at Suidwes Landbou (Pty) Ltd. in North West said by phone.
“The weaker rand also contributed” to the rise.
The rand retreated 0.3 percent to 10.0155 rand a dollar by 12:14 p.m. in Johannesburg.
A weaker rand makes it more expensive to import the grain into the country.
South Africa is the continent’s largest corn producer.
A meal made from the white variety is one of the nation’s staple foods and yellow corn is mostly fed to animals.
Wheat for delivery in December gained 0.9 percent to 3,397, the most since September 3. - Bloomberg News