Johannesburg - South Africa's yellow-corn futures have risen the most in almost two years on concern that there isn’t enough rain in Bloemfontein and North West.
Yellow corn for delivery in July surged 4%, or the R80 daily limit, to R2 078 a metric ton by the midday close in Johannesburg, the biggest increase for a most- active contract since February 2013.
The white variety for delivery in March climbed 4.1%, the most in 10 months, to R2 017 a ton.
There is a 30% chance of rain for Bloemfontein in the Free State province, which produces 43% of the nation’s corn.
No rain has been predicted for Tuesday and January 21, according to the South African Weather Service. Lichtenburg in the North West province, which contributes about 20% of national output, has the same chance of rain until January 23.
“The weather forecast for the next two weeks doesn’t predict much rain,” Brink van Wyk, a Pretoria-based trader with BVG, said in an e-mailed response to questions.
South Africa is the continent’s largest producer of corn, where the white variety is used as staple food for human consumption, while yellow corn is used as animal feed.
Wheat for delivery in March rose for a second day, adding 1.3% to R3 962 a ton. - Bloomberg