Johannesburg - South African white-corn futures declined the most in more than four months after US prices fell on forecasts that some parts of the country will dry up after excessive rains, improving plantings.
White corn for delivery in July, the most active contract, dropped by the 80-rand ($9) limit, losing 3.6 percent to 2,143 rand a metric ton, the most since December 20, by the close on the South African Futures Exchange.
The yellow variety for delivery in the same month, fell 3.6 percent to 2,132 rand a ton.
Corn slumped the most in almost a month in Chicago today.
The northern US plains will be dry early this week, favoring planting, while rains will dissipate in the western and eastern parts of the Midwest Corn Belt today, Accuweather.com said in a report dated May 3.
“The clear weather forecasts mean that they can continue to plant,” Andrew Fletcher, an independent trader, said by phone from Kroonstad in the Free State province.
“Their market is still volatile, but it seems there is a window of opportunity for them.”
South Africa is the continent’s biggest producer of corn.
The white variety is a staple food in the country while the yellow variety is mainly used as animal feed.
Wheat for delivery in July decreased 1.5 percent to 3,440 rand a ton. - Bloomberg News