South African Corn Advances, Tracking Climb by U.S. Benchmark

Corn in South Africa, the largest producer of the grain on the continent, climbed as prices advanced in the U.S., which competes for African export markets.

Corn for March delivery rose as much as 1.4 percent to $5.5175 a bushel in electronic trading on the Chicago Board of Trade today.

White corn for March delivery, the most active contract on the South African Futures Exchange, added 12 rand, or 0.9 percent, to 1,376 rand ($195) a metric ton at 9:51 a.m. Johannesburg time. Meal made from the grain is the country’s staple food.

Yellow corn for March delivery gained 4 rand, or 0.3 percent, to 1,445 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for March delivery rose 11 rand, or 0.4 percent, to 2,750 rand a ton.

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       4,080          4,045           +0.9
Soybeans         3,125          3,107           +0.6
Sorghum          1,450          1,450            0.0

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.

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