White maize extends drop to 2011 low

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Johannesburg - South African white corn extended declines to the lowest since July 2011 on increased supplies.

White corn declined 0.1 percent to 1,823 rand a metric ton, the lowest settlement since July 18, 2011 on the South African Futures Exchange.

Prices have been trading at or near the July 2011 low since May 28.

The yellow type rose 0.5 percent to 1,954 rand a ton.

South Africa is collecting what is forecast to be the biggest harvest in 33 years this year, according to the Crop Estimates Committee.

The committee raised its forecast for white corn by 6.5 percent to 7.53 million tons as “improved yields realised in the harvesting process,” Marda Scheepers, a statistician for the Pretoria-based committee, said on May 27.

The nation is Africa’s biggest 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 was little changed at 3,863 rand a ton. - Bloomberg News

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