South African white-corn futures rose to the highest level in more than 14 months in Johannesburg trading.
The contract increased 2.2 percent to 2,548 rand ($250) a metric ton, the highest since Sept. 11, 2012, by the midday close in the city. The yellow variety was little changed at 2,506.80 rand.
White-corn output declined 20 percent to 5.5 million tons in the year ended April after a drought cut production, with the harvest being the smallest since 2007, the Crop Estimates Committee said on November 29.
South Africa is the continent’s largest producer of corn. The yellow variety is mainly fed to animals in the nation, while a meal made from the white variety is a staple food.
Wheat futures advanced for a fifth straight day to the highest level in almost three weeks by the midday close in Johannesburg.
Wheat futures climbed 2.7 percent to 3,655 rand, the highest since June 11. The committee reduced its forecast for wheat output to 1.75 million tons for this season on November 26.
South Africa, a net importer of wheat, is sub-Saharan Africa’s largest producer of the grain after Ethiopia and the region’s biggest buyer after Nigeria and Sudan, according to U.S. Department of Agriculture data.
Bloomberg
