White maize falls for a second day

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Maize

Reuters.

Johannesburg - White corn in South Africa fell for a second day to the lowest in almost three years as the country is set to harvest the biggest crop since 1981.

The white corn contract for delivery in July lost 1 percent to 1,792 rand a metric ton by the noon close on the South African Futures Exchange, the lowest since July 13, 2011.

The yellow variety fell 0.2 percent to 1,902 rand a ton after touching 1,896 a ton rand, the cheapest since February 13, 2013.

The nation’s farmers will probably produce 13.9 million tons of both varieties of corn this year, the Crop Estimates Committee said June 26.

The harvest would be the largest since 1981, when South Africa produced 14.1 million tons.

South Africa is Africa’s largest producer of the grain.

White corn is used to make a staple food known locally as pap, while the yellow type is mainly fed to animals.

Wheat was unchanged at 3,610 rand a ton. - Bloomberg News


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