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South Africa exported yellow corn to South Korea for the first time this marketing season as the price of local corn fell below that of competitors.
The nation, Africa’s biggest producer of the grain, exported 12,152 metric tons of the yellow variety in the week ended Sept. 21, according to the Pretoria-based South African Grain Information website. South Africa’s corn marketing season begins on May 1.
“Our prices are now low enough compared to global prices, we are a lot more competitive,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone from Johannesburg today.
Yellow corn for December delivery traded at 2,247 rand a ton ($273) in Johannesburg compared with about $289 a ton for delivery in the same month in Chicago. The U.S. is the world’s biggest corn producer.
So far this season South Africa has exported 72,095 tons of yellow corn, with South Korea the only destination for shipments outside Africa.
Last season the country exported 711,816 tons of yellow corn including 301,979 tons to South Korea.
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