South African soybean futures dropped to the lowest in more than 10 weeks, tracking a fall in the oilseed’s price in Chicago.
Soybeans for delivery in March, the most active contract, declined 0.7 percent to 5,025 rand ($581) a metric ton by the close in Johannesburg, the lowest since Oct. 3.
The prices of the oilseed was unchanged at $14.71 a bushel in early trade on the Chicago Board of Trade after declining the previous two days. Rain over the next two weeks is expected to boost crops in Brazil.
“Soybean prices are affected by what’s happening with the American price,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone from Pretoria.
White corn for delivery in March dropped 1.9 percent to 2,330 rand a ton, while the yellow variety declined 1.4 percent to 2,190 rand a ton.
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