South African white corn futures declined to the lowest level since June 19 as the weather improved in the country, increasing the rate of growth for crops in some growing regions.
“The weather outlook across the corn belt is favorable,” Lindy van Blommestein, a trader at Johannesburg-based Farmwise Grains (Pty) Ltd., said in an e-mailed response to questions today.
White corn for delivery in July, the most active contract, fell 0.8 percent to 2,308 rand ($225) a metric ton, the lowest since June 19, by the midday close in Johannesburg. The yellow variety for delivery in the same month declined 0.6 percent to 2,280 rand a ton.
Sunny, warm temperatures are forecast for the town of Lichtenburg in the North West province for the whole week, the South African Weather Service said on its website. The province produces 16 percent of the nation’s corn, according to the nation’s Grain Information Service.
“Temperatures which will increase will be ideal for crops and help speed growth thus the downward movement today,” Van Blommestein said.
Meal made from white corn is a staple food in South Africa, the continent’s largest producer of the grain. The yellow variant is mainly used to feed animals.
Wheat for July delivery lost 0.8 percent to 3,595 rand a ton.
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