South African Corn Rises for Second Day Following Gain in U.S.
Corn futures traded in South Africa, the continent’s largest grower of the grain, rose for a second day after U.S. prices climbed the most in five weeks.
White corn for delivery in December, the most active contract, added 0.5 percent to 2,333 rand ($233) a metric ton by the noon close on the South African Futures Exchange in Johannesburg. The yellow variety for the same delivery month gained 0.4 percent to 2,179 rand a ton.
Little or no rain fell in the past two weeks in parts of Iowa and Illinois, the biggest U.S. corn-growing states, according to National Weather Service data. Corn for delivery in December jumped 3.7 percent, the most since July 9, on the Chicago Board of Trade yesterday.
“We followed the Chicago market, with their prices being high on concern that they won’t get enough rain,” Lindy van Blommestein, a trader at Johannesburg-based Farmwise Grains (Pty) Ltd., said by phone.
A meal made from white corn is a staple South African food, while the yellow variety is mainly used as animal feed.
Wheat for delivery in December increased 0.5 percent to 3,324 rand a ton.
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