SA yellow maize futures rise to 15-month high

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Johannesburg - South African yellow-corn futures rose to the highest level in more than 15 months in Johannesburg trading.

The contract for December delivery increased 1.6 percent to 2,635 rand ($254) a metric ton, the highest for a front-month security since August 27, 2012, by the midday close in the city.

The same contract for the white variety climbed 1.5 percent to 2,623 rand.

South Africa is the continent’s largest producer of corn.

The yellow variety is mainly fed to animals in the nation, while a meal made from the white variety is a staple food.

Wheat futures advanced for a fifth straight day, rising 0.8 percent to 3,607 rand.

South Africa, a net importer of wheat, is the sub-Saharan area’s largest producer of the grain after Ethiopia and the region’s biggest buyer after Nigeria and Sudan, according to US Department of Agriculture data. - Bloomberg News

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