South Africa, the continent’s biggest corn producer, will probably lower its forecast for this season’s harvest by 1.1 percent, a survey showed.
The government may say farmers will reap 10.94 million metric tons of corn, compared with a May 24 forecast of 11.06 million tons, according to the median estimate of eight traders surveyed by Bloomberg. Forecasts ranged from 10.7 million tons to 11.25 million tons. The nation produced 10.4 million tons of corn last year.
“Yields are lower than estimated, and this is due to the lack of autumn rain,” Thys Grobbelaar, an analyst at Klerksdorp-based Senwes Ltd., South Africa’s largest grain trader, said by phone today.
The median estimate by three traders for white-corn output is 6.36 million tons, and 4.7 million tons for the yellow variety.
The government’s Crop Estimates Committee announces its projection on June 26 at 3:30 p.m. in Pretoria.
White corn for July delivery, the most active contract, declined 1.5 percent to 1,984 rand ($238) a ton by the close in Johannesburg. The yellow variety, used as animal feed, decreased 1.2 percent to 1,966 rand a ton.
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