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 July delivery added 30 rand, or 1.7 percent, to end trade at 1,746 rand ($240) a metric ton on the South African Futures Exchange in Johannesburg. Meal made from the grain is the country’s staple food.

Corn futures for May delivery rose 7.75 cents, or 1.1 percent, to $7.1725 a bushel on the Chicago Board of Trade on Feb. 11 and gained 0.3 percent to $7.1925 in electronic trading today.

Yellow corn for July delivery gained 23.20 rand, or 1.3 percent, to 1,787.20 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for March delivery increased 34 rand, or 1 percent, to 3,425 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      4,571         4,660            -1.9
Soybeans        3,715         3,785            -1.8
Sorghum         1,550         1,550             0.0

 

(Source: http://www.bloomberg.com/news/2011-02-14/south-african-corn-advances-tracking-gains-by-u-s-benchmark.html)