White maize climbs most in 2 months

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Maize Reuters.

Johannesburg - White maize in South Africa rose the most in two months as the rand weakened.

White corn for delivery in July gained 1.3 percent to 1,848 rand a metric ton on the South African Futures Exchange, the biggest advance since March 25.

The yellow type rose 1.3 percent to 1,978 rand a ton.

The rand weakened against the dollar to the lowest since March 26.

“The main reason we see the price going up today is because of the rand that weakened during trading,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes, said by phone today.

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

Meal made from the white variety is used to make staple food known locally as pap, while the yellow type is mainly fed to animals.

Wheat for delivery in July rose 0.2 percent to 3,870 rand a ton. - Reuters


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