Johannesburg - Yellow maize futures for March in South Africa declined the most in more than two months as contracts for the white variety of the grain extended losses for a fourth straight session.
Yellow corn for delivery in March, the most active contract, fell 1.1 percent to 2,589.20 rand ($251.48) a metric ton by the close on the South African Futures Exchange in Johannesburg.
That was the contract’s biggest decline since October 11, data compiled by Bloomberg showed.
White corn for the same delivery month fell 0.7 percent to 2,667 rand a ton.
South Africa is the continent’s largest producer of corn.
A meal made from white corn is a staple food in the nation, while the yellow variety of the grain is mainly fed to animals.
Wheat futures for March delivery declined 0.4 percent to 3,672 rand per ton.
South Africa is a net importer of wheat and sub-Saharan Africa’s largest producer of the grain after Ethiopia.
The nation is the region’s biggest importer after Nigeria and Sudan, according to US Department of Agriculture data. - Bloomberg News