Johannesburg - South African yellow-corn futures rose the most in more than two weeks on speculation that this season’s shipments, already more than double the amount exported last year, are crimping stocks.
“There is not a lot more available for exports,” Brink van Wyk, a trader at BVG (Pty) Ltd., said in an e-mailed response to questions today.
“South Africa remains tight on maize stocks,” he said, using another term for corn.
The nation has exported 940,504 tons of yellow corn since the season started on April 27, according to data from the South African Grain Information Service.
That compares with the cumulative total of 53,370 tons in the same period a year earlier and 413,152 tons for all of the previous season.
Japan is the biggest buyer, purchasing 577,707 tons since April.
South Africa, which is also the continent’s largest corn grower, uses yellow corn mainly as animal feed, while meal made from the white variety is one of South Africa’s staple foods.
Yellow corn for delivery in December, the most active contract, rose 1.7 percent to 2,188 rand ($221) a metric ton, the most since August 26, by the close in Johannesburg.
The white variety for delivery in the same period, gained 0.8 percent to 2,349 rand a ton.
Wheat for delivery in December dropped 0.3 percent to 3,377 rand a ton. - Bloomberg News