South African Corn Futures Decline as Chicago Price DropsTshepiso Mokhema
South African corn futures fell after prices of the grain declined in the U.S., the world’s largest grower.
White corn for delivery in March, the most active contract, dropped 1.3 percent to 2,182.20 rand a metric ton ($254) by the close on the South African Futures Exchange in Johannesburg. The yellow variety for July delivery decreased 1.6 percent to 2,075 rand a ton.
Corn fell on the Chicago Board of Trade on Jan. 4, closing at $6.8045 a bushel, a decline of 1.3 percent. It rose 0.6 percent to $6.8450, up from a six-month low, as of 12:09 p.m. in London.
“Prices are down today mainly because the Chicago prices were down on Friday by close,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes Ltd., said by phone today.
South Africa is the continent’s largest producer of corn, also known as maize. White corn is a staple food, while yellow corn is used as animal feed.
Soybeans for delivery in March fell 2.1 percent to 4,610 rand a ton.