Yellow maize rises to 2-week high

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Johannesburg - South African yellow corn futures for delivery in July gained to the highest level in more than two weeks on concerns about low stocks.

Yellow corn’s most active contract increased 0.9 percent to 2,274.80 rand ($209) a metric ton, the highest since January 30 by the midday close in Johannesburg trading.

White corn for July delivery rose 0.7 percent to 2,233 rand a ton.

“Old crop supplies are still seen as tight,” Andrew Fletcher, an independent trader in Kroonstad in the Free State province, said by phone.

“We will continue to see this rise in prices.”

Grain SA, which represents commercial farmers, said last month that stocks would be tight for the rest of the season.

The harvest begins in April. Monthly demand comes to about 900,000 tons.

The yellow variety is mostly fed to animals in South Africa, while white maize is used for a staple food known locally as pap.

Wheat futures for delivery in March were little changed at 3,820 rand a ton.

Soybeans for May rose 1.7 percent to 6,216 rand a ton. - Bloomberg News

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