South African White Corn Falls to Two-Month Low as Demand Drops
South African white-corn futures fell to the lowest in more than two months as the price of the grain in the U.S. retreated after a report showed demand for the grain from the world’s biggest exporter slowed.
White corn for delivery in March, the most active contract, declined 0.9 percent to 2,298.80 rand ($271) a metric ton, the lowest since Sept. 28, by the close on the South African Futures Exchange in Johannesburg. The yellow variety for July delivery fell 1.4 percent to 2,150 rand a ton.
Corn decreased for a third day on the Chicago Board of Trade, reaching $7.1925 a bushel, the lowest since Sept. 27. As of Dec. 6, corn sales for delivery before Sept. 1 fell 46 percent to 12.488 million tons from a year earlier, the lowest since the U.S. Department of Agriculture began reporting the data in 1990, USDA data show.
“There are slower-than-expected export sales in the U.S. and because we follow them, it has put pressure on our prices,” Benjamin Swanepoel, a trader at Trademar Futures (Pty) Ltd., said by phone from Johannesburg.
Wheat for delivery in March, increased 0.3 percent to 3,595 rand a ton.
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