South Africa, the biggest corn producer on the continent, will probably cut its forecast for this season’s harvest of the grain, a Bloomberg survey showed.
The country may say farmers will reap 10.4 million metric tons of corn in the season that started on May 1, down from the 10.6 million tons projected in September, according to the median estimate of eight traders Bloomberg surveyed. Forecasts ranged from 10.1 million to 10.6 million tons.
The government’s Crop Estimates Committee will issue its final assessment of this year’s harvest on Dec. 1 at 3:30 p.m. in Johannesburg.
White corn for March delivery, the most active contract on the South African Futures Exchange, fell 0.1 percent to 2,435 rand ($293) a ton by the noon close in Johannesburg trading.
Yellow corn for July delivery climbed 1.3 percent to 1,925 rand a ton. The grain is mainly used as animal feed in South Africa. The U.S. and Argentina are the world’s biggest corn exporters.