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

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

White corn for July delivery added 26 rand, or 1.6 percent, to close at 1,675 rand ($232) a metric ton on the South African Futures Exchange in Johannesburg. Meal made from the grain is the country’s staple food.

Corn for May delivery rose 22 cents, or 3.1 percent, to $7.23 a bushel on the Chicago Board of Trade yesterday.

Yellow corn for July delivery gained 28 rand, or 1.7 percent, to 1,710 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for March delivery increased 37 rand, or 1.1 percent, to 3,338 rand a ton.

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      4,440         4,355            +2.0
Soybeans        3,540         3,452            +2.5
Sorghum         1,580         1,580             0.0

(Source: http://www.bloomberg.com/news/2011-02-18/south-african-corn-advances-following-gains-by-u-s-benchmark.html)