Johannesburg - Corn in South Africa dropped the most in more than four weeks as the rand climbed against the dollar, making imported varieties cheaper.
White corn for delivery in July, the most active contract, declined 3.2 percent, the most since May 6, to 2,243 rand ($231) a metric ton on the South African Futures Exchange.
The yellow variety for delivery in the same month dropped 3.3 percent to 2,215 rand a ton.
The currency in Africa’s biggest producer of the grain strengthened for a second day after stocks and commodities rallied as concern eased that the Federal Reserve will reduce monetary stimulus.
“The major factor pushing maize prices down was the rand,” Benjamin Swanepoel, a trader at Trademar Futures (Pty) Ltd., said in an e-mailed response to questions.
South Africa shipped 86,460 tons of yellow variety in the week through May 31, the most since the five days through September 24, 2010, when the nation exported 94,235 tons, Pretoria-based South African Grain Information Service said on its website.
Last week’s shipment included 54,124 tons to Taiwan, the most to that country since the 2011-12 season, when 161,550 tons were exported.
Meal made from the white variety is a staple food while yellow corn is mainly used as animal feed.
Wheat for delivery in July fell 2.6 percent, the most since April 2, to close at 3,558 rand a ton. - Bloomberg News