Johannesburg - South African corn futures fell for an eighth session to a six-week low after prices dropped in the US, the world’s largest producer of the grain.
White corn for delivery in December, the most active contract, slid 0.6 percent to 2,236.40 rand ($225.40) a metric ton by the close on the South African Futures Exchange in Johannesburg.
That was the lowest since May 21 and the longest losing streak since February 11.
The yellow variety for delivery in September declined 0.4 percent to 2,176 rand a ton.
US farmers seeded 97.4 million acres with corn, the most since 1936, the Department of Agriculture reported June 28.
The grain for delivery in December slumped for an eighth session yesterday in Chicago trading.
“We are following the US after they had an excellent development in their new crop,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone from Pretoria today.
“They are planting more.”
South Africa is the continent’s largest producer of corn.
Meal from the white variety is a staple food, while yellow corn is mainly used as animal feed.
Wheat for delivery in December lost 0.5 percent to 3,332 rand a ton. - Bloomberg News