South African Corn Climbs for Third Day, Tracking U.S. Benchmark

Corn advanced for a third day 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 32 rand, or 1.9 percent, to 1,710 rand ($234) a metric ton on the South African Futures Exchange in Johannesburg as of 9:13 a.m. Meal made from the grain is the country’s staple food.

Corn futures for March delivery rose as much as 0.5 percent to $7.0175 a bushel in electronic trading on the Chicago Board of Trade today, and were last up 0.3 percent at $7.005.

Yellow corn for July delivery gained 26 rand, or 1.5 percent, to 1,760 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for March delivery dropped 17 rand, or 0.5 percent, to 3,389 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      4,660         4,668            -0.2
Soybeans        3,795         3,805            -0.3
Sorghum         1,550         1,550             0.0

(Source: http://www.bloomberg.com/news/2011-02-11/south-african-corn-climbs-for-third-day-tracking-u-s-benchmark.html)