Bloomberg News

South Africa Will Probably Cut Corn-Crop Estimate, Survey Shows

July 19, 2011

July 19 (Bloomberg) -- South Africa, the biggest corn producer on the continent, will probably cut its forecast for this season’s harvest, a survey showed.

The country may say farmers will reap 10.85 million metric tons of corn, from the 11 million metric tons estimated in June, according to the median estimate of 12 traders Bloomberg surveyed. Forecasts ranged from 10.7 million to 11 million tons.

The Crop Estimates Committee will issue a sixth assessment of the crop on July 26 at 3:30 p.m. in Johannesburg.

White corn for December delivery, the most active contract on the South African Futures Exchange, rose 2.8 percent to 1,935 rand ($279) a ton by the midday close today. Yellow corn for September delivery gained 4.1 percent, to 1,884 rand a ton.

--Editors: Tony Barrett, Alastair Reed

To contact the reporter on this story: Mkhululi Mancotywa in Johannesburg at mmancotywa1@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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