South Africa Corn Declines to Lowest Price in Three Years

South Africa’s white corn dropped to the lowest level in three years in Johannesburg.

White corn for December delivery fell 2.9 percent to 1,695 rand ($158) a metric ton on the South African Futures Exchange by the midday close. That was the lowest settlement for a most-active contract since July 1, 2011. Yellow corn for delivery in September dropped 3 percent to 1,741 rand a ton.

South Africa’s farmers will produce 13.9 million tons of corn in the 2014-15 season, according to the country’s Crop Estimates Committee, which would be the biggest harvest since 1981.

The nation is Africa’s biggest producer of corn. Meal from white corn is used to make a staple food known as pap. The yellow variety is used for animal feed.

Wheat for delivery in December fell for a fifth session, declining 1 percent to 3,511 rand a ton.

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