July 30, 2014    

South Africa may raise its 2014 corn output forecast

South Africa is likely to raise its 2014 corn output forecast slightly as harvesting ends with little expectation of a big change in the estimate, a Reuters survey showed.

An average estimate of six trading houses showed the government's Crop Estimates Committee (CEC) may notch up the year's forecast to 13.94 million tonnes from previous estimates of 13.89 million tonnes. The forecasts ranged from 13.89 to 14 million tonnes.

The CEC said in March a harvest of 13 million tonnes or more will be the biggest in more than three decades.

Expectations of a bumper crop have brought corn prices down from the record 3,300 rand (US$310) per tonne set earlier this year.