South Africa Will Probably Cut Corn-Crop Estimate, Survey Shows
South Africa, the biggest corn producer on the continent, will probably cut its forecast for this season’s harvest of the grain, a Bloomberg survey showed.
The government may say farmers will reap 12.9 million metric tons of corn in the season that started on May 1, down from the 13.09 million tons projected last month, according to the median estimate of 10 traders surveyed by Bloomberg. Forecasts ranged from 12.6 million tons to 13.09 million tons.
The government’s Crop Estimates Committee is scheduled to release its assessment of the harvest on Nov. 25 at 3:30 p.m. Johannesburg time.
White corn for December delivery dropped 30 rand, or 2.3 percent, to close at 1,278 rand ($183) a ton on the South African Futures Exchange. Meal made from the grain is the country’s staple food.
Yellow corn for December delivery fell 28 rand, or 2 percent, to 1,339 rand a ton. The grain is used mainly as animal feed in South Africa. The U.S. and Argentina are the world’s biggest corn exporters.
To contact the reporter on this story: Mkhululi Mancotywa in Johannesburg at mmancotywa1@bloomberg.net
To contact the editors responsible for this story: Amanda Jordan at ajordan11@bloomberg.net
Rate These Stories
Rate this Page