SA maize falls for a fourth weekComment on this story
Johannesburg - Maize in South Africa, the continent’s largest producer, dropped for a fourth week in a row during trading in Johannesburg.
White maize for delivery in July declined 6 percent this week to 1,655 rand a metric ton, the lowest settlement for a most-active contract since May 2011, by the midday close on the South African Futures Exchange.
The yellow variety declined 4.9 percent to 1,790 rand this week.
The country’s harvesting takes place between May and August and about 7.5 million tons has been harvested, Brink van Wyk, a Pretoria-based trader with BVG (Pty) Ltd., said by e-mail yesterday.
South Africa is expected to produce 13.9 million tons this season, according to the Crop Estimates Committee.
“Until the harvest is wrapped up prices will continue to struggle,” Wyk said.
South Africa is the continent’s biggest producer of maize.
Meal from white maize is used to make a staple food known as pap.
The yellow variety is used for animal feed.
Wheat for delivery in December fell 0.4 percent to 3,540 rand a ton. - Bloomberg News