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Yellow maize gains most in 5 months

Johannesburg - South African yellow-maize futures rose the most in more than five months in Johannesburg trading as the white variety and wheat also gained.

Yellow maize for delivery in December increased 2.4 percent to 1,938 rand a metric ton by the midday close on the South African Futures Exchange.

File image: Reuters. Credit: REUTERS

That’s the biggest advance for a most-active contract since March 3.

The white variety for delivery in the same month jumped 3 percent to 1,856 rand a ton.

South Africa is the largest producer of the grain on the continent.

Meal from white maize is used to make a staple food known as pap.

The yellow variety is mainly used for animal feed.

The nation’s farmers delivered 11.06 million tons of the crop so far this season, which started in May, the South African Grain Information Service said on its website today.

The country may produce 13.9 million tons this year, which would be the biggest harvest since 1981, the Crop Estimates Committee said on July 29.

Wheat for delivery in December gained 1.1 percent to 3,675 rand a ton.

While South Africa is the sub-Saharan region’s biggest producer of the cereal after Ethiopia, it’s still a net importer of the grain, according to US Department of Agriculture data.

The nation is the area’s biggest buyer of the grain after Nigeria and Sudan. - Bloomberg News

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