Independent Online

Tuesday, June 28, 2022

Like us on FacebookFollow us on TwitterView weather by locationView market indicators

Yellow maize drops to 3-year low

File image: Reuters

File image: Reuters

Published Jul 10, 2014

Share

Johannesburg - South African yellow corn futures dropped to the lowest level in almost three years as the harvest progressed.

Local farmers are expecting the biggest crop in 33 years.

Story continues below Advertisement

The nation probably will produce 13.9 million metric tons this season, according to the Crop Estimates Committee.

So far, the country has delivered 3.76 million tons of the white variety and 3.74 million tons of the yellow, the South African Grain Information Service said on its website yesterday.

Yellow corn for delivery in September fell 1.3 percent to 1,834 rand a ton, the lowest settlement for a most-active contract since July 21, 2011, by the midday close on the South African Futures Exchange in Johannesburg.

White corn dropped 2.4 percent to 1,777.20 rand a ton.

“Harvesting pressure continues to build,” Brink van Wyk, a Pretoria-based trader with BVG (Pty) Ltd., said by e-mail.

“Farmers have already harvested 7.5 million tons of maize in South Africa and there is another 6.4 million tons to come.”

Story continues below Advertisement

South Africa is the continent’s biggest producer of corn.

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

The yellow variety is for animal feed.

Story continues below Advertisement

Wheat for delivery in December declined 0.1 percent to 3,560 rand a ton. - Bloomberg News

Related Topics:

Share