South African white-corn futures fell to the lowest in 10 weeks, tracking a drop in the price of the grain in the U.S., the biggest producer. The yellow variety also fell.
White corn for March delivery, the most-active contract, closed 0.8 percent lower at 2,436 rand ($280) a metric ton, the lowest since Oct. 1, on the South African Futures Exchange in Johannesburg. The yellow variety for delivery in July, declined 2.1 percent to 2,250 rand a ton, the lowest since Nov. 13.
Corn on the Chicago Board of Trade declined 0.7 percent to $7.3225 a bushel in early trading, the lowest price for the most-active contract since Nov. 16. Rain forecast for Brazil and Argentina have improved the production outlook for the two countries that are the largest shippers of the grain after the U.S.
“The main reason for our low prices today is because the U.S prices went down a lot,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone from Pretoria.
South Africa is the continent’s largest producer of corn. Meal made from the white variety is one of the country’s staple foods, while yellow corn is mainly used as animal feed.
Wheat for delivery in March, the most active contract, fell 0.6 percent to 3,720 rand a ton.
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