South African Corn Advances, Tracking Climb by U.S. Benchmark

Corn in South Africa, the largest producer of the grain on the continent, climbed as prices advanced in the U.S., which competes for African export markets.

Corn for March delivery rose as much as 1.3 percent to $5.60 a bushel in Chicago on concern that dry weather in Argentina will continue to delay planting and reduce the harvest amid signs of increasing demand from importers.

White corn for March delivery, the most active contract on the South African Futures Exchange, added 49 rand, or 3.7 percent, to close at 1,379 rand ($193) a metric ton. Meal made from the grain is the country’s staple food.

Yellow corn for March delivery gained 36 rand, or 2.5 percent, to 1,461 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for March delivery rose 22 rand, or 0.8 percent, to 2,735 rand a ton.

Gains or losses for the most active contracts of three additional crops today were as follows. All prices are in rand and the crops are sold per ton:

Today’s Price   Previous Close   % Change
Sunflowers       4,015          3,925           +2.3
Soybeans         3,118          3,095           +0.7
Sorghum          1,450          1,450            0.0

(Source: http://www.bloomberg.com/news/2010-11-29/south-african-corn-advances-tracking-climb-by-u-s-benchmark.html)