South African white corn futures fell to the lowest in 11 weeks, tracking a decline in prices in the U.S., the biggest producer of the grain.
White corn for delivery in March, the most active contract, fell 1.3 percent to 2,299.20 rand ($265) a metric ton, the lowest since Sept. 28, by the close in Johannesburg. It’s declined for six sessions. The yellow variety for July delivery decreased 0.6 percent to 2,180 rand a ton, the lowest since Oct. 17. It’s dropped for seven sessions.
Corn for March delivery dropped as much as 0.3 percent to $7.1775 a bushel, and yesterday fell to $7.15 a bushel, the lowest intraday level since Nov. 16, on the Chicago Board of Trade. Export sales of corn last week tumbled 49 percent from a year earlier to 258,900 tons, government data showed on Dec. 11.
“Our price is down because American prices are moving downward, mainly due to their exports that are falling,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes Ltd., said by phone today.
In South Africa, white corn is mainly used as one of the country’s staple foods, while the yellow type is used as animal feed.
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