SA maize down after three days of gains

Comment on this story

Johannesburg - South African corn futures declined for the first time in four days as the rand strengthened against the dollar, making the price of locally produced grain more attractive.

White corn for delivery in July, the most active contract, fell 0.5 percent to 2,359.80 rand ($254) a metric ton, the most since March 14, on the South African Futures Exchange in Johannesburg.

The yellow variety for delivery in the same month, dropped 0.4 percent to 2,301 rand a ton.

The rand was trading at 9.2509 per dollar at 9:20 a.m. and it strengthened 0.4 percent to 9.2159 at the close of the futures exchange, shortly before the central bank left its benchmark interest rate unchanged.

“The rand was weaker during trade, but it strengthened again after the market closed, causing a slight drop in prices,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes Ltd., said by phone.

South Africa is the continent’s largest producer of corn. White corn is a staple food, while the yellow variety is mainly used as animal feed.

Wheat for May delivery gained 1.2 percent to 3,468 rand a ton. - Bloomberg News

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines