South Africa, the continent’s largest corn producer, will probably cut its forecast for this season’s harvest of the grain by 1 percent, a survey showed.
The government may say farmers will reap 10.95 million metric tons of corn in the season that started May 1, compared with a June 26 forecast of 11.06 million tons, according to the median estimate of seven traders surveyed by Bloomberg News. Estimates ranged from 10.8 million tons to 11.06 million tons. The nation produced 10.4 million tons of corn last year.
The government’s Crop Estimates Committee is scheduled to announce its projection July 24 at 3:30 p.m. in Pretoria.
White corn for December delivery, the most active contract, surged 3.1 percent to a record 2,700 rand ($327) a ton by the close in Johannesburg. The yellow variety, used mainly as animal feed, increased 3.1 percent to 2,641 rand a ton.