Johannesburg - South African corn futures declined following US prices that fell to $4.895 a bushel on July 5, the lowest since October 2010.
White corn for delivery in December, the most active contract, fell 1.6 percent to 2,266 rand ($223) a metric ton by the midday close on the South African Futures Exchange.
The yellow variety, for delivery in September, decreased 1.5 percent to 2,197 rand a ton.
Last week, prices for corn for December delivery on the Chicago Board of Trade fell to a 32-month low on speculation that warm weather will boost prospects for crops in the US, which is the world’s biggest producer of the grain.
It was up 1 percent at $4.96 a bushel today.
“The US December corn was down and once the selling started in our market, it just continued, Pretoria-based Brink van Wyk, a trader at BVG (Pty) Ltd., said in an e-mailed response to queries.
South Africa is the continent’s largest producer of corn.
Meal made from the white variety is a staple food, while yellow corn is mainly used as animal feed.
Wheat for delivery in December lost 0.4 percent to 3,431 rand a ton. - Bloomberg News