White maize climbs most in three weeks

Johannesburg - White corn in South Africa gained the most since March 7 after dropping the past three weeks.

The white corn contract for delivery in July rose 1.3 percent to 2,105 rand a metric ton on the South African Futures Exchange.

Prices fell 4.2 percent the past three weeks.

Yellow corn gained 0.6 percent to 2,195 rand a ton.

“Prices fell too much,” Lindy van Blommestein, a trader at Farmwise Grains (Pty) Ltd., said by telephone from Johannesburg today. “We had buying support.’

White corn is a staple food in South Africa, while the yellow type is mainly used for animal feed.

The nation is the continent’s largest producer of the grain.

Wheat for delivery in May dropped 0.4 percent to 3,998 rand a ton. - Bloomberg News