Feb. 13 (Bloomberg) -- South African white corn for July delivery rose the most almost six weeks as rains in growing areas weren’t as strong as anticipated.
The contract, which is the most active for the commodity, increased 3.9 percent, the most since Jan. 3, to 2,011 rand ($261) by the midday close in Johannesburg.
No rain is forecast this week for Bothaville, Free State, the largest corn-growing area in the country, according to the South African Weather Services’s website. Prices of white corn, used as the nation’s staple food, declined for two weeks, retreating 2.4 percent in the five days through Feb. 10.
“We did not have as much rain and as widespread this weekend as anticipated,” Benjamin Swanepoel, a trader with Trademar Futures (Pty) Ltd., said in e-mailed comments. “From a technical point of view, we were due for a bounce.”
--Editors: Ana Monteiro, Karl Maier
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