White corn declined the most in more than two weeks by the close on the South African Futures Exchange in Johannesburg. The yellow variety also fell.
White corn for delivery in July fell 1.4 percent to 1,855 rand ($173) a metric ton, the biggest drop since May 30. Yellow corn for delivery in the same month declined 1.1 percent to 1,968 rand a ton, also the largest decline since May 30.
“The U.S. corn price is down from yesterday, as they are facing a big crop, possibly a record crop that side,” Brink van Wyk, a trader with BVG (Pty) Ltd. in Pretoria, South Africa, said by phone. “Our own possible record crop is also a factor in the decline today,” van Wyk said.
Corn prices fell for a second day in Chicago. South Africa’s harvest of both white and yellow corn may be the biggest in 33 years, the country’s Crop Estimates Committee said on March 27.
South Africa is the continent’s biggest producer of corn. Meal from white corn is used to make a staple food known as pap. The yellow variety is used in animal feed.
Wheat for July delivery decreased 0.2 percent to 3,820 rand a ton.