Johannesburg - South African yellow corn futures dropped to the lowest level in almost three years as the harvest progressed.
Local farmers are expecting the biggest crop in 33 years.
The nation probably will produce 13.9 million metric tons this season, according to the Crop Estimates Committee.
So far, the country has delivered 3.76 million tons of the white variety and 3.74 million tons of the yellow, the South African Grain Information Service said on its website yesterday.
Yellow corn for delivery in September fell 1.3 percent to 1,834 rand a ton, the lowest settlement for a most-active contract since July 21, 2011, by the midday close on the South African Futures Exchange in Johannesburg.
White corn dropped 2.4 percent to 1,777.20 rand a ton.
“Harvesting pressure continues to build,” Brink van Wyk, a Pretoria-based trader with BVG (Pty) Ltd., said by e-mail.
“Farmers have already harvested 7.5 million tons of maize in South Africa and there is another 6.4 million tons to come.”
South Africa is the continent’s biggest producer of corn.
Meal from white corn is used to make a staple food known as pap.
The yellow variety is for animal feed.
Wheat for delivery in December declined 0.1 percent to 3,560 rand a ton. - Bloomberg News