Yellow maize drops to three-year low

Johannesburg - Yellow maize in South Africa fell to the lowest price in more than three years in Johannesburg.

The white variety and wheat also dropped.

File image: Reuters. Credit: REUTERS

The yellow maize contract for delivery in December slumped 1.9 percent to 1,790 rand a metric ton, the lowest settlement for a most-active contract since July 13, 2011 by the close on the South African Futures Exchange.

The white variety for September delivery decreased 1 percent to 1,692.20 rand a ton.

Local farmers will probably produce 14.3 million tons of maize this year, the nation’s Crop Estimates Committee said yesterday.

The estimate for output of the yellow type was increased 4.6 percent to 6.6 million tons from the previous month.

In South Africa, white maize is a staple food while the yellow type is mainly used to feed animals.

Wheat for delivery in December fell for a third straight day, declining 0.1 percent to 3,639 rand a ton. - Bloomberg News