Cape Town - South African corn futures fell the most in three weeks after the rand appreciated against the dollar, lowering the cost of importing the grain.
Yellow corn for July delivery, the most active contract, slumped 3.2 percent to 2,069.80 rand ($225) a metric ton, the most since April 3, by the close in Johannesburg.
The white variety for delivery in the same month decreased 2.8 percent to 2,099 rand a ton.
The rand strengthened for a second day against the dollar, adding 0.3 percent to 9.1756 by 12 p.m. in Johannesburg.
“Pressure from a slightly stronger rand caused the closing prices for corn to fall,” Andrew Fletcher, an independent trader, said by phone from Kroonstad in the Free State province.
South Africa is the continent’s largest producer of corn.
White corn is a staple food, while the yellow variety is mainly used as animal feed.
Wheat for May delivery fell 0.9 percent to 3,372 rand a metric ton. - Bloomberg News