(Bloomberg) – South African yellow-corn futures gained for a third day to the highest level in a week in Johannesburg as exports of the grain increased.
Yellow corn for delivery in September, the most active contract, rose 0.8 percent to 2,160 rand ($217) a metric ton by the close on the South African Futures Exchange. That was the highest price since July 24. The white variety for delivery in December was unchanged at 2,374 rand a ton.
Yellow corn amounting to 92,055 metric tons was exported to Japan in the week to July 26, the Pretoria-based South African Grain Information Service said in a statement on its website. That was the biggest delivery since at least April 28, 2012, when Sagis started providing weekly historical data.
South Africa may run out of yellow corn if exports rise further, potentially lifting prices for white corn, an organization representing growers and traders said July 2. Yellow corn is used mainly as animal feed in the country, while a meal made from the white variety is one of South Africa’s staple foods.
Wheat for delivery in December rose 0.6 percent to 3,328 rand a ton, the fourth consecutive advance.
