Yellow corn in South Africa fell to the lowest price in more than three years in Johannesburg. The white variety and wheat also dropped.
The yellow corn contract for delivery in December slumped 1.9 per cent to 1,790 rand ($168) a metric ton, the lowest settlement for a most-active contract since 23 July, 2011 by the close on the South African Futures Exchange. The white variety for September delivery decreased 1 percent to 1,692.20 rand a ton.
Local farmers will probably produce 14.3 million tons of corn this year, the nation’s Crop Estimates Committee said yesterday. The estimate for output of the yellow type was increased 4.6 per cent to 6.6 million tons from the previous month.
In South Africa, white corn is a staple food while the yellow type is mainly used to feed animals.
Wheat for delivery in December fell for a third straight day, declining 0.1 per cent to 3,639 rand a ton.
