Maize drops to lowest since July 2011

Johannesburg - Maize in South Africa, the continent’s largest producer, fell for a second day to stretch a decline to the lowest price in almost three years.

White maize for delivery in July slid 0.2 percent to 1,813 rand a metric ton, the lowest settlement for a most-active contract since July 13, 2011, by the midday close on the South African Futures Exchange in Johannesburg.

File image: Reuters. Credit: REUTERS

The yellow variety dropped 1.1 percent to 1,914 rand a ton, the lowest closing price since since February 13 last year.

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

The yellow variety is for animal feed.

Wheat for December delivery was little changed at 3,599.20 rand a ton. - Bloomberg News