London - South African corn futures declined the most in more than a week as prices for the grain decreased in the US, the world’s largest producer, on concern demand from China will weaken.
White corn for delivery in July, the most active contract, slumped 2.2 percent to 2,132 rand ($236) a metric ton, the most since April 5, by the close on the South African Futures Exchange in Johannesburg.
The yellow variety fell 2.1 percent to 2,102 rand a ton.
Corn dropped 1.6 percent to $6.3125 a bushel on the Chicago Board of Trade on concern that Chinese demand will weaken amid slower-than-estimated economic growth and an outbreak of avian influenza in the country.
“The American price went down during the trading session,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes, said by phone today.
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 gained 0.8 percent to 3,403 rand a ton. - Bloomberg News