Corn prices in South Africa, the continent’s largest producer of the grain, fell as a forecast for rain in growing areas bolstered the prospects for yields.
The South African Weather Service predicted heavy rainfall across the provinces of Mpumalanga, the biggest producer of yellow corn, and Free State, where most of the nation’s white- corn crop is grown.
White corn for March delivery, the most active contract on the South African Futures Exchange in Johannesburg, fell 4 rand, or 0.3 percent, to end trade at 1,369 rand ($198) a metric ton in Johannesburg. Meal made from the grain is the country’s staple food.
Yellow corn for March delivery dropped 5 rand, or 0.3 percent, to 1,445 rand a ton. The grain is used mainly as animal feed in South Africa. The U.S. and Argentina are among the world’s biggest corn exporters.
Wheat for March delivery rose 14 rand, or 0.5 percent, to 2,801 rand a ton.
The gains or losses for the most active contracts of the following crops today were as follows. All prices are in rand and the crops are sold per ton:
Today’s Price Previous Close % Change Sunflowers 4,065 4,070 -0.1 Soybeans 3,112 3,135 -0.7 Sorghum 1,500 1,450 +3.4