South Africa, the continent’s biggest corn producer, will probably lower its forecast for this season’s harvest by 1.4 percent, a survey showed.
The government may say farmers will reap 10.95 million metric tons of corn, compared with an April 24 forecast of 11.1 million tons, according to the median estimate of eight traders surveyed by Bloomberg. Forecasts ranged from 10.8 million tons to 11.1 million tons.
The government’s Crop Estimates Committee announces its projection on May 24 at 3:30 p.m. in Pretoria.
White corn declined 0.2 percent to 2,079 rand ($250) a ton by the close in Johannesburg. The yellow variety, used as animal feed, rose for a fourth day by 0.1 percent to 2,040 rand a ton.