South African soybean futures fell to the lowest level in more than six months on reports that planting of the crop has progressed well and as prices for the oilseed in the U.S. continue to decline.
Soybeans for March delivery, the most active contract, decreased 1.6 percent to 4,535 rand ($529) a metric ton, the lowest since June 21, by the close on the South African Futures Exchange in Johannesburg.
South African farmers may plant 6.8 percent more land with soybeans, bringing the acreage allocated to the oilseed to 504,000 hectares (1.25 million acres), the committee said on Oct. 25. Soybean output surged 56 percent to 650,000 tons in the 2011-12, it said on Nov. 29. The oilseed for March delivery fell 0.5 percent to $13.8150 a bushel on the Chicago Board of Trade at 10:20 a.m. in London.
“The U.S. prices for soybeans have decreased quite a lot,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone in Pretoria. “Locally, we have also planted a good crop.”
White corn for delivery in March fell 0.7 percent to 2,164 rand a ton, while the yellow variety dropped 0.3 percent to 2,064 rand a ton.
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