South African White Corn Declines in Johannesburg Trading

South African white corn retreated for the first time in three sessions in Johannesburg trading. The yellow variety also fell.

White corn for delivery in July dropped 0.6 percent to 1,853 rand ($173) a metric ton, the most since May 30, by the noon close on the South African Futures Exchange. The contract advanced 2.2 percent in the previous two sessions. The yellow variety declined 0.5 percent to 1,983 rand a ton.

The country’s Crop Estimates Committee on May 27 raised its corn-harvest forecast for this season to 13.5 million tons, which would be the biggest since 1981. Meal from white corn is cooked to make one of the country’s staple foods, known as pap, and the yellow variety is mainly used as animal feed.

Wheat for delivery in July fell 0.2 percent to 3,873 rand a ton.

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