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S. African Yellow-Corn Falls to 3-Month Low as U.S. Price Drops

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July 29 (Bloomberg) -- South African yellow corn futures fell to the lowest level in more than three months, tracking prices in the U.S., the world’s biggest producer.

Yellow corn for delivery in September, the most active contract, fell 0.2 percent to 2,114 rand a metric ton by the midday close in Johannesburg, the lowest closing level since April 24. The white variety for December delivery gained 0.2 percent to 2,306 rand a ton.

Corn fell for a sixth day on the Chicago Board of Trade, extending a slide to a 33-month low as temperatures in central Iowa and Illinois, the top two growing states, were forecast to remain below 80 degrees Fahrenheit (27 degrees Celsius) through at least tomorrow, according to National Weather Service data.

“The lower American price from the midday close on Friday and today’s continuation led to our yellow maize being low,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes Ltd., said by phone.

South Africa is the continent’s largest producer of corn, also called maize. Meal from the white grain is a staple food and the yellow variety is mainly used as animal feed.

Wheat for delivery in December gained 0.4 percent to 3,273 rand a ton in Johannesburg.

To contact the reporter on this story: Tshepiso Mokhema in Johannesburg at tmokhema@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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