White-corn futures in South Africa, the continent’s biggest producer, dropped the most in a week as rains fell in key growing areas
White corn for delivery in March, the most active contract, declined 3.1 percent to 2,105 rand ($247) a metric ton by the close on the South African Futures Exchange in Johannesburg. That is the biggest one-day drop since Dec. 20 and the lowest price since June 18.
“The weather is good and we see intermittent rain over most of the production areas,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone from Pretoria.
Corn also retreated as the rand strengthened against the dollar and made imports cheaper relative to locally produced grains. The rand gained 0.7 percent to 8.5085 for a dollar by 1:52 p.m. in Johannesburg, making it today’s best performer of 16 major currencies tracked by Bloomberg.
Yellow corn for delivery in March declined 2.4 percent to 2,208 rand a ton, the lowest level since June 25. It is used, together with soybeans, as animal food. Soybeans decreased 0.9 percent to 4,799 rand a ton.
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