December 1, 2008

South African corn prices fall after biggest crop harvest


Corn prices in South Africa, the biggest producer of the grain in Africa, declined after farmers reaped the biggest crop in 26 years.


South Africa's Crop Estimates Committee yesterday said farmers harvested 12.7 million tonnes of corn, the biggest crop since 1983 and 5.6 percent more than earlier forecast.


White corn for delivery in March, the most active contract on the South African Futures Exchange in Johannesburg, fell 50 ZAR, or 2.8 percent, to 1,738 ZAR (US$173) a tonne. White corn is South Africa's staple food.


Yellow corn for March delivery dropped 50 ZAR, or 2.9 percent, to 1,683 rand a tonne. Yellow corn is used mainly as animal feed in South Africa.


The US, China and Argentina are the world's biggest corn exporters.


Wheat for March delivery fell 16 ZAR, or 0.6 percent, to 2,478 ZAR a tonne. South Africa is the continent's 3rd biggest wheat grower, after Morocco and Egypt.


The gains or losses for the most active contracts of the following crops today were as follows. All prices are in ZAR and the crops are sold per tonne:
Today's Price
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US$1 = 10.091 ZAR (Dec 1, 2008)

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