White maize falls to 3-year low

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Johannesburg - White maize extended declines to a three-year low in Johannesburg on increased supplies.

White maize for delivery in July decreased 1 percent to 1,728 rand a metric ton, the lowest settlement since July 6, 2011, on South African Futures Exchange.

Prices have been trading close to or at a three-year low since May.

The yellow variety fell 0.5 percent to 1,918 rand a ton.

South Africa may produce 13.9 million tons of both types of maize this year, the biggest since 1981, according to the Crop Estimates Committee.

About 80 percent of the harvesting takes place between May and August, it said.

“The harvesting pressure is playing a role,” Thys Grobbelaar, an analyst at Klerksdorp-based Senwes, said by phone today.

South Africa is the continent’s biggest producer of maize.

Meal from white maize is used to make a staple food known as pap.

The yellow variety is for animal feed.

Wheat for delivery in December dropped 1.1 percent to 3,560 rand a ton. - Bloomberg News

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