South African Corn at Six-Week Low as Global Stocks Seen Rising
South African corn declined to the lowest in more than six weeks, following global prices, which fell after favorable weather reports from South America and the U.S reported its harvest may rise. Soybeans dropped.
South African white corn for delivery in December, the most active contract, decreased 0.8 percent to 2,420 rand ($274) a metric ton, the lowest since Oct. 1, by the midday close in Johannesburg. The yellow variety fell 0.6 percent to 2,477 rand a ton and soybeans dropped 1.5 percent to 5,265 rand a ton.
The U.S., the biggest producer of corn, will harvest 2.97 billion bushels, up 3.9 percent. Rain in northern Brazil will aid crop development, while drier weather accelerates planting in Argentina, World Weather Inc. said in a report. World soybean inventories will be 60 million metric tons on Oct. 1, 4.3 percent more than forecast in October, the U.S. Department of Agriculture said on Nov. 9.
“The world is feeling more and more comfortable with stocks of corn and soybeans, Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone from Johannesburg. ‘‘This is because of the good weather that is supporting plantings in South America.’’
Wheat for delivery in December, decreased 1 percent to 3,676.20 a ton.
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