South African Corn Futures Climb to Highest Levels Since MarchTshepiso Mokhema
Corn futures traded in South Africa rose to the highest levels since March and wheat gained for a fourth session.
White corn for delivery in March added 1.8 percent to 2,490 rand ($244) a metric ton by the close on the South African Futures Exchange in Johannesburg. The yellow variety for the same delivery month increased 1.7 percent to 2,440 rand a ton. Those were the highest settlements since March for both contracts, data compiled by Bloomberg showed.
South Africa is the continent’s largest producer of corn. The yellow variety is mainly fed to animals in the nation, while a meal made from the white variety is a staple food.
Wheat for delivery in March rose 0.7 percent to 3,654 rand a ton.