South African Corn Advances, Tracking Gains by U.S. Benchmark

Corn advanced in South Africa, the continent’s largest producer of the grain, as prices rose in the U.S., which competes for African export markets.

White corn for March delivery added 32 rand, or 2.3 percent, to close at 1,421 rand ($200) a metric ton, taking its weekly advance to 6.5 percent on the South African Futures Exchange in Johannesburg. Meal made from the grain is the country’s staple food.

Corn for March delivery climbed 12.75 cents, or 2 percent, to $6.54 on the Chicago Board of Trade yesterday. The contract fluctuated today, gaining as much as 0.4 percent and declining as much as 0.5 percent.

Yellow corn for July delivery gained 42 rand, or 2.8 percent, to 1,565 rand a ton. The grain, used mainly as animal feed in South Africa jumped 6.5 percent during the week.

Wheat for March delivery increased 90 rand, or 3 percent, to 3,112 rand a ton. The grain climbed 6.2 percent in the week.

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      4,300         4,263            +0.9
Soybeans        3,582         3,512            +1.9
Sorghum         1,510         1,504            +0.4

(Source: http://www.bloomberg.com/news/2011-01-21/south-african-corn-advances-following-gains-by-u-s-benchmark.html)