South African Corn Falls, Tracking Decline by U.S. Benchmark

Corn fell in South Africa, tracking a decline in Chicago prices, a global benchmark.

Corn for March delivery slid 21 cents, or 3.8 percent, to close at $5.3475 a bushel on the Chicago Board of Trade on Nov. 19.

White corn for December delivery, the most active contract on the South African Futures Exchange, declined 30 rand, or 2.3 percent, to close at 1,278 rand ($182) a metric ton. Meal made from the grain is the country’s staple food.

Yellow corn for December delivery dropped 28 rand, or 2 percent, to 1,339 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for December delivery rose 5 rand, or 0.2 percent, to 2,660 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       3,860          3,900          -1.0
Soybeans         3,304          3,365          -1.8
Sorghum          1,450          1,450           0.0

(Source: http://www.bloomberg.com/news/2010-11-22/south-african-corn-falls-tracking-decline-by-u-s-benchmark.html)