Johannesburg - South African yellow corn futures rose to the highest level in more than two months, tracking prices in the US, the world’s biggest producer of the grain.
Yellow corn for delivery in July, the most active contract, rose 0.7 percent to 2,230 rand ($228) a metric ton, the highest since March 28, by the midday close on the South African Futures Exchange.
The white variety for delivery in the same month, increased 0.5 percent to 2,242 rand a ton.
Corn for delivery in December, the most active contract, advanced 2.7 percent to close at $5.51 a bushel on the Chicago Board of Trade last night.
Heavy rain in the US last week delayed planting and about 86 percent of the acreage has been sown compared with the long-term average of 90 percent, Commerzbank said today in an e-mailed report.
“Primarily the higher Chicago prices made our prices high,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes, said by phone today.
South Africa is the continent’s largest producer of corn.
Meal from the white variety is a staple food while yellow is mainly used as animal feed.
Wheat for delivery in July rose 0.3 percent to close at 3,598 rand a ton. - Bloomberg News