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S. African Yellow Corn Falls Lowest in More Than 6 Months

South African yellow corn futures declined to the lowest in more than six months as good rains continue to fall.

Yellow corn for delivery in July, the most active contract, fell 1.5 percent to 2,034 rand ($234) a metric ton, the lowest since June 22, by the close on the South African Futures Exchange in Johannesburg. The white variety fell 0.6 percent to 2,122 rand a ton.

The country’s corn stocks increased 20 percent to 5.02 million tons in November, Pretoria-based South African Grain Information Service said on its website on Dec. 20. Stocks included 1.94 million tons of yellow corn and 3.08 million tons of the white variety.

“The market seems to be very comfortable,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes Ltd., said by phone today. “They have no worries over availability.”

South Africa is the continent’s biggest corn producer, also known as maize. White corn is a staple food, while yellow corn is used as animal feed.

Wheat for delivery in March, rose 0.2 percent to 3,475 rand a ton.

To contact the reporter on this story: Tshepiso Mokhema in Johannesburg at tmokhema@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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