South African Corn Advances, Tracking 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 16.80 rand, or 1 percent, to 1,641.80 rand ($235) a metric ton on the South African Futures Exchange in Johannesburg. Meal made from the grain is the country’s staple food.

Corn futures in Chicago jumped 3.7 percent on Feb. 25 and were 0.4 percent lower today.

Yellow corn for July delivery gained 118 rand, or 0.7 percent, to 1,683 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for May delivery increased 38 rand, or 1.2 percent, to 3,175 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      4,222         4,221            +0.02
Soybeans        3,440         3,400            +1.2
Sorghum         1,580         1,580             0.0

 

(Source: http://www.bloomberg.com/news/2011-02-28/south-african-corn-advances-tracking-gains-by-u-s-benchmark.html)