Johannesburg - South African white-corn futures fell for a second day as prices slid further in the US, the world’s largest grower of the grain, on signs of wetter weather.
White corn for delivery in December, the most active contract, dropped 0.4 percent to 2,365 rand ($240) a metric ton by the close on the South African Futures Exchange in Johannesburg.
The yellow variety for delivery in September gained 0.3 percent to 2,214 rand a ton.
Temperatures that reached 96 degrees Fahrenheit (36 degrees Celsius) yesterday in the US Midwest, the nation’s main corn and soybean region, will begin dropping tomorrow and some areas may see “scattered light to locally moderate showers,” forecaster DTN said. Corn headed for a fifth drop in six today on the Chicago Board of Trade.
“The white corn came down more today as good weather is predicted in the US,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone from Pretoria.
South Africa is the continent’s largest corn producer.
Meal made from white corn is one of the country’s staple foods and yellow corn is mainly used as animal feed.
Wheat for delivery in December gained 0.3 percent to 3,357 rand a ton in Johannesburg. - Bloomberg News