Johannesburg - South African corn futures fell the most in almost two weeks after the weather service forecast rains over the country’s main growing regions.
White corn for delivery in July, the most active contract, dropped 2.5 percent, the most since March 14, to 2,347 rand ($253) a metric ton by the midday close in Johannesburg.
The yellow variety for delivery in the same month declined 2.4 percent to 2,280 rand a ton.
Rain is predicted from today until April 2 for Bothaville in the Free State, the province which produces 40 percent of the nation’s corn, South African Weather Service said on its website. Lichtenburg in the North West province will also receive showers today.
“The weather reports are forecasting good rains over the central parts of the nation,” Brink van Wyk, a trader at BVG (Pty) Ltd. said by phone from Pretoria.
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.
The nation’s Crop Estimates Committee yesterday reduced its forecast for output of the grain by 4.9 percent because of a lack of rain in some of the main growing regions.
Wheat for May delivery rose 0.4 percent to 3,511 rand a ton. - Bloomberg News