White maize rebounds from 13-month low

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Johannesburg - White corn futures in South Africa rose for the first time in five days as prices rebounded from a 13-month low.

The contract for delivery in July gained 1.3 percent to 2,106 rand a metric ton at the noon close of the South African Futures Exchange in Johannesburg today.

The previous close of 2,078 rand a ton was the lowest for a most active contract since February 12, 2013.

The yellow variety increased 0.8 percent to 2,197 rand a ton.

“We’ll probably see prices moving up and down for a few more days,” Paul du Plessis, a trader at Brisen Commodities in Pretoria, said today by phone.

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

White corn is the source for a meal that’s a staple food in the country, while the yellow variety is mainly fed to animals.

Wheat for delivery in May was little changed at 4,037 rand a ton in Johannesburg. - Bloomberg News

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