Johannesburg - White corn in South Africa, the continent’s biggest producer of the grain, rose to the highest level in more than a week as a forecast for stocks of the grain were reduced.
White corn for delivery in July climbed 1 percent to 2,158 rand a metric ton at the close of the South African Futures Exchange in Johannesburg, the highest for a most active contract since February 21.
South Africa cut its forecast for stocks of white corn by the end of the season on April 30 by 7.8 percent to 246,806 tons from last month’s prediction, the Grain and Oilseeds Supply and Demand Estimates Committee said yesterday.
The country’s output of the white variety, which is cooked to make a staple food known as pap, exceeded the yellow type, mainly fed to animals, for the first time since 1995 last year as drought cut yields.
Yellow corn for delivery in July rose 1.2 percent to 2,240 rand a ton.
Wheat for delivery in May climbed 0.3 percent to $3,899 a ton. - Bloomberg News