South African yellow corn fell to the lowest in two weeks after it rained in the main growing regions of the country. More rain is expected over the weekend, boosting prospects for next season’s plantings.
Yellow corn for delivery in July, the most active contract, closed 1 percent lower at 2,325 rand ($266) a metric ton in Johannesburg, the lowest since Nov. 21.
Lichtenburg in North West Province has a 95 percent chance of rain today, 86 percent tomorrow and a range of between 54 and 64 percent for Dec. 8 and 9, the South African Weather Service said on its website.
“The new season’s maize is looking good as planting is boosted by the good rain,” Lindy van Blommestein, a trader at Farmwise Grains (Pty) Ltd., said by phone from Johannesburg. “More rain is expected this weekend.”
South Africa is the continent’s largest producer corn, where it is known as maize. Meal made from the white variety is one of the country’s staple foods, while yellow corn is mainly used as animal feed.
White corn for delivery in March rose 0.2 percent to 2,465 rand a ton,, while wheat for delivery in the same month declined 0.1 percent to 3,748 rand a ton.
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