South African Corn Drops Following Three Sessions of AdvancesTshepiso Mokhema
Corn futures traded in South Africa fell after three sessions of advances and wheat prices retreated for the first time in a week.
White corn for delivery in December slid 1.4 percent to 2,430 rand ($235) a metric ton by the close on the South African Futures Exchange in Johannesburg. Yellow corn for delivery in the same month dropped 0.3 percent to 2,380 rand a ton.
South Africa is the continent’s biggest corn producer. A meal made from white corn is a staple food in the nation and the yellow variety of the grain is mostly fed to animals
Wheat for delivery in December lost 0.6 percent to 3,570 rand a ton, the first decline since Nov. 6. Prices reached the highest level since June for a most-active contract on Nov. 11, according to data compiled by Bloomberg.