South African Corn Declines for Fourth Day as Rain Continues
South African white-corn futures fell for a fourth day, the longest losing streak since Oct. 30, as the country’s main growing regions continue to receive good rains before the planting of next season’s crop.
White corn for delivery in March, the most active contract, decreased 1.7 percent to 2,371 rand ($274) a metric ton by the close in Johannesburg. The yellow variety for July delivery dropped 0.3 percent to 2,219 rand a ton.
Free State province, which produces 40 percent of the nation’s corn, is cool in the east, otherwise cloudy and warm with isolated showers and thundershowers, though scattered in the west, the South African Weather Service said on its website. Rain has fallen in the main growing areas since Dec. 7.
“Prices are down mainly due to the rainfall that the growing areas have been getting,” Lindy van Blommestein, a trader at Farmwise Grains (Pty) Ltd., said by phone from Johannesburg.
Wheat for March delivery declined 1.6 percent to 3,628 rand a ton.
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