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