South African Corn Drops Following Three Sessions of Advances

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.

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