South African Corn Rises After U.S. Report Shows Demand

Corn gained in South Africa, the continent’s largest producer, after a U.S. report showed increasing export demand for supplies.

White corn for July delivery climbed 25 rand, or 1.5 percent, to 1,647 rand ($238) a metric ton on the South African Futures Exchange at the 12 p.m. end of trading in Johannesburg. Meal made from the grain is the country’s staple food.

Yellow corn for July delivery jumped 22 rand, or 1.3 percent, to 1,703 rand a ton on the exchange in South Africa, where the grain is used mainly as animal feed.

Last week, U.S. exporters sold 1.08 million tons of corn for delivery before Sept. 1, the first time since April that sales exceeded 1 million tons for five straight weeks, Department of Agriculture data showed yesterday.

Wheat for May delivery rose 31 rand, or 1 percent, to 3,161 rand a ton in Johannesburg.

The gains or losses for the most active contracts of the following crops today were as follows. All prices are in rand and the crops are sold in tons:

            Today’s Price   Previous Close   % Change
Sunflowers      4,211         4,200             0.3
Soybeans        3,490         3,450             1.2
Sorghum         1,580         1,580             0.0

 

(Source: http://www.bloomberg.com/news/2011-03-04/south-african-corn-rises-after-u-s-report-shows-growing-demand.html)