South African Corn Surges as Drought Seen Cutting 2015 Crop 32%

White and yellow corn in South Africa, the continent’s biggest producer of the grains, surged after the Crop Estimates Committee said this year’s drought-hit harvest would be the smallest since 2007.

White corn for delivery in July climbed by the extended limit of 120 rand ($10), or 4.6 percent, to 2,715 rand a metric ton by 9:25 a.m. in Johannesburg. Yellow corn due in the same month advanced by the standard 80-rand limit to 2,456 rand a ton. The South African Futures Exchange caps the amount by which corn contracts can rise or fall by 80 rand; should the limit be reached for two straight days, this is extended to 120 rand.