Corn Prices Retreat in South Africa as Chicago Corn Fall

Corn prices retreated in South Africa, the largest producer of the grain in the continent, as Chicago prices fell for a fifth day.

White corn for July delivery, the most active contract on the South African Futures Exchange, declined 40 rand, or 2.4 percent, to 1,620 rand ($236) a metric ton at the 12 p.m. close of trade in Johannesburg. Meal made from the grain is the country?s staple food.

Corn futures for May delivery slid 3 cents, or 0.4 percent, to $6.98 a bushel on the Chicago Board of Trade in electronic trading today, after four straight days of losses.

In South Africa, yellow corn for July delivery fell 38 rand, or 2.2 percent, to 1,656 rand a ton. The country mainly uses the grain as animal feed.

Wheat for May delivery fell 40 rand, or 1.3 percent, to 3,050 rand a ton.

Gains or losses for the most active contracts of three additional crops today were as follows. All prices are in rand and the crops are sold per ton:

Today?s Price Previous Close % Change
Sunflowers 4,165 4,240 -1.8
Soybeans 3,509 3,579 -2
Sorghum 1,580 1,580 0.0