Maize falls to 9-month low

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MaizeCobField REUTERS

Johannesburg - South African corn futures fell to the lowest in nine months on speculation good rains will help boost output this season.

White corn for delivery in March, the most active contract, declined 0.4 percent to 2,051 rand ($230) a metric ton, the lowest since May 7, at the noon close in Johannesburg. The yellow variety for July delivery dropped 1.5 percent to 1,940.20 rand a ton.

“The rainfall has been good these days,” Lindy van Blommestein, a trader at Farmwise Grains (Pty) Ltd., said by phone from Johannesburg today. “There are prospects of a good crop coming this season and that is why we are seeing low prices.”

Thunderstorms are forecast for the next week at Bothaville in the Free State province, where 40 percent of the country’s corn is grown, the South African Weather Service said on its website today. South Africa is the the continent’s largest producer of corn, also called maize. Yellow corn is mainly used as animal feed while the white variety is a staple food.

Wheat for delivery in March decreased 1 percent to 3,550 rand a ton. - Bloomberg

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