July 21, 2010

South African corn futures climb on advances in US benchmark

White corn in South Africa, the continent's largest producer of the grain, rose after prices gained in the US, which competes for African export markets.

Corn futures for December delivery added 0.3%, to US$3.885 a bushel on the CBOT.

White corn for December delivery, the most active contract on the South African Futures Exchange, advanced 9.60 rand, or 0.8%, to close at ARS1,190.60 (US$158) a tonne. Meal made from the grain is the country's staple food.

Yellow corn for September delivery rose ARS13.40, or 1.1%, to ARS1,188.40 a tonne. The grain is used mainly as animal feed in South Africa. The US and Argentina are the world's biggest exporters of the grain.

Wheat for September delivery fell ARS3, or 0.1%, to 2,477 rand a tonne. Morocco, Egypt and Algeria are Africa's largest wheat growers.

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 tonne.