South African White Corn Price Climbs, Tracking Advances by U.S. Benchmark

White corn in South Africa, the continent’s largest producer of the grain, rose after prices gained in the U.S., which competes for African export markets.

Corn futures for December delivery added 0.3 percent, to $3.885 a bushel on the Chicago Board of Trade.

White corn for December delivery, the most active contract on the South African Futures Exchange, advanced 9.60 rand, or 0.8 percent, to close at 1,190.60 rand ($158) a metric ton. Meal made from the grain is the country’s staple food.

Yellow corn for September delivery rose 13.40 rand, or 1.1 percent, to 1,188.40 rand a ton. The grain is used mainly as animal feed in South Africa. The U.S. and Argentina are the world’s biggest exporters of the grain.

Wheat for September delivery fell 3 rand, or 0.1 percent, to 2,477 rand a ton. Morocco, Egypt and Algeria are Africa’s largest wheat growers.

Gains or losses for the most active contracts of three additional crops today were as follows. All prices are in rand and the crops are sold per ton:

            Today’s Price   Previous Close   % Change
Sunflowers       3,356          3,360          -0.1
Soybeans         2,917          2,905          +0.4
Sorghum          1,580          1,580           0.0

To contact the reporter on this story: Mkhululi Mancotywa in Johannesburg at mmancotywa1@bloomberg.net

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email