July 17, 2012

South Africa's corn forecast likely to lower by 1%

South Africa's forecast for this season's corn harvest will probably be cut by 1%, a survey showed.

The government may say farmers will reap 10.95 million tonnes of corn in the season that started May 1, compared with a June 26 forecast of 11.06 million tonnes, according to the median estimate of seven traders surveyed by Bloomberg News. Estimates ranged from 10.8 million-11.06 million tonnes. The nation produced 10.4 million tonnes of corn last year.

The government's Crop Estimates Committee is scheduled to announce its projection July 24 at 3:30 p.m. in Pretoria.

White corn for December delivery, the most active contract, surged 3.1% to a record ZAR2,700 (US$327) a tonne by the close in Johannesburg. The yellow variety, used mainly as animal feed, increased 3.1% to ZAR2,641 (US$323) a tonne.