Aug. 29 (Bloomberg) -- Corn futures in South Africa fell the most in more than two weeks following a decline in prices in the U.S.
Yellow corn for delivery in December, the most active contract, dropped 1.6 percent to 2,193 rand ($212) a metric ton by the midday close on the South African Futures Exchange. That’s the biggest one-day slump since Aug. 14. The white variety slipped 1.3 percent to 2,351 rand a ton.
South African prices often follow moves in the U.S., where corn is the biggest crop. Parts of the Midwest will have cooler weather from the weekend and rain may fall in Iowa, the top growing state, National Weather Service data show.
“The U.S. is said to experience cooler temperatures so their prices went down and we usually follow them,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes Ltd., said by phone.
South Africa is the continent’s largest producer of corn. Meal made from white corn is used as one of the nation’s staple foods, while the yellow variety is mainly used as animal feed.
Wheat for December delivery lost 0.5 percent to 3,431 rand a ton.
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