South African Corn Climbs for Second Day as U.S. Prices Gain

Corn advanced for a second day in South Africa, the continent’s largest producer of the grain, as prices rose in the U.S., which competes for African export markets.

White corn for July delivery added 39 rand, or 2.4 percent, to close at 1,688 rand ($245) a metric ton on the South African Futures Exchange in Johannesburg today. Meal made from the grain is the country’s staple food.

Corn futures for May delivery climbed 4.75 cents, or 0.7 percent, to $7.3275 a bushel in electronic trading on the Chicago Board of Trade.

Yellow corn for July delivery gained 20 rand, or 1.2 percent, to 1,722 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for May delivery increased 5 rand, or 0.2 percent, to 3,170 rand a ton.

The gains or losses for the most active contracts of the following crops today were as follows. All prices are in rand and the crops are sold in tons:

            Today’s Price   Previous Close   % Change
Sunflowers      4,290         4,220            +1.7
Soybeans        3,569         3,499            +2.0
Sorghum         1,580         1,580             0.0

(Source: http://www.bloomberg.com/news/2011-03-07/south-africa-corn-advances-a-second-session-tracking-u-s-benchmark-price.html)