Yellow maize drops to 16-month low

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Johannesburg - South African yellow corn declined to the lowest level in more than 16 months during trading in Johannesburg.

Yellow corn for delivery in July decreased 0.6 percent to 1,907 rand a metric ton by the noon close on the South African Futures Exchange.

That’s the lowest level for a most active contract since February 13, 2013.

The white type lost 0.2 percent to 1,810 rand a ton.

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

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

The country 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 declined 0.2 percent to 3,610 rand a ton. - Bloomberg News

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