Johannesburg - South African white corn futures declined the most in more than three weeks on the prospects for rainfall boosting crop development in some main growing regions.
White corn for delivery in December, the most active contract, fell 1 percent to 2,438 rand ($238) a metric ton, the most since October 11, by the midday close on the South African Futures Exchange.
The yellow variety for delivery in the same month dropped 0.3 percent to 2,338 rand a ton.
The town of Welkom in the Free State, the region that produces about 41 percent of the nation’s corn, will have a 30 percent chance of rain today and tomorrow, according to the South African Weather Service website.
Lichtenburg, a town in the North West province, where 14 percent of the country’s grain is grown, has a 30 percent chance of rain on November 9 and November 10 and a 60 percent chance on November 11 and November 12.
“There is some rain forecast over the weekend which would also cause prices to drop a little,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by e-mail.
South Africa is the continent’s biggest corn producer.
A meal made from white corn is a staple food in the nation and the yellow variety is mostly fed to animals.
Wheat for delivery in December declined 0.1 percent to 3,561 rand a ton. - Bloomberg News