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SA maize falls to 3-year low

Johannesburg - South Africa’s white maize dropped to the lowest level in three years in Johannesburg.

White maize for December delivery fell 2.9 percent to 1,695 rand a metric ton on the South African Futures Exchange by the midday close.

File image: Reuters. Credit: REUTERS

That was the lowest settlement for a most-active contract since July 1, 2011.

Yellow maize for delivery in September dropped 3 percent to 1,741 rand a ton.

South Africa’s farmers will produce 13.9 million tons of maize in the 2014-15 season, according to the country’s Crop Estimates Committee, which would be the biggest harvest since 1981.

The nation is Africa’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 for a fifth session, declining 1 percent to 3,511 rand a ton. - Bloomberg News

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