S. African Corn Rises Most in a Week as It Tracks ChicagoTshepiso Mokhema
Corn futures in South Africa rose the most in more than a week after the benchmark price in Chicago climbed yesterday.
Yellow corn for delivery in July increased 0.6 percent to 2,193 rand ($207) a metric ton, the biggest advance since April 14, by the midday close on the South African Futures Exchange in Johannesburg. White corn rose 0.1 percent to 2,087 rand a ton.
Corn for July delivery settled 1.7 percent higher yesterday at $5.02 a bushel on the Chicago Board of Trade on concern that cold, wet weather will delay planting in the U.S., the top grower. The futures were little changed today.
“We are high due to the American price that closed higher yesterday,” Thys Grobbelaar, an analyst at Klerksdorp-based Senwes Ltd., said by phone today. “They are behind schedule with their plantings.”
South Africa is the continent’s largest producer of corn. Meal made from white corn is used to make a staple food known as pap, while the yellow variety is mainly fed to animals.
Wheat for delivery in May rose 0.1 percent to 3,900 rand a ton.