Johannesburg - South African yellow corn dropped to the lowest level in more than 14 months.
Yellow corn for delivery in July fell 1 percent to 2,041 rand a metric ton, by the close on the South African Futures Exchange in Johannesburg.
That’s the lowest for a most active contract since February 26, 2013.
The white variety declined 0.7 percent to 1,917.80 rand a ton.
Prices of local yellow corn have declined 24 percent this year, wiping out 2013’s 21 percent gain.
This came after the nation’s Crop Estimates Committee said in March that the next harvest of the white and yellow varieties may be the biggest in 33 years.
The nation is Africa’s biggest producer of corn and meal made from the white type is used as a staple food called pap, while the yellow grain is used as animal feed.
Wheat for July delivery fell 0.7 percent to 3,958 rand a ton in Johannesburg. - Bloomberg News