South Africa May Leave Corn Forecast Unchanged, Survey Shows

South Africa, the biggest corn producer on the continent, will probably leave its forecast for this season’s harvest of the grain unchanged, a survey showed.

The government may say farmers will reap 10.83 million metric tons of corn, the same as projected last month, according to the median estimate of 13 traders surveyed by Bloomberg. Forecasts ranged from 10.65 million tons to 10.83 million tons.

The government’s Crop Estimates Committee is scheduled to release its third assessment of the harvest on April 20 at 3:30 p.m. Johannesburg time.

White corn for July delivery, the most active contract on the South African Futures Exchange, rose 5 rand, or 0.3 percent, to close at 1,665 rand ($243) a ton today. Meal made from the grain is the country’s staple food.

Yellow corn for July delivery gained 5 rand, or 0.3 percent, to 1,697 rand a ton. The grain is used mainly as animal feed in South Africa.

(Source: http://www.bloomberg.com/news/2011-04-18/south-africa-may-leave-corn-forecast-unchanged-survey-shows.html)