South African corn prices may rise to as high as 2,646 rand ($340) a ton next year, Landbouweekblad reported, citing the agribusiness unit of bank Absa Group Ltd.
Prices of agricultural land in the country are forecast to grow by 12 percent a year, the Cape Town-based magazine said, citing Ernst Janovsky, general manager of the agribusiness unit.
White corn for July delivery declined 3.1 percent to 2,104 rand at the midday close in Johannesburg. Yellow corn for July delivery was also down 3.1 percent at 2,045 rand.
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