Maize rises on drought fear

Maize prices rose the most since October on concern local stocks were being depleted by exports while global supplies would be curbed by a drought in South America. Since the May 1 start of the marketing season, South Africa exported 1.96 million tons of maize, according to the SA Grain Information Service. In the whole of the preceding market year South Africa shipped 2.07 million tons. “About 200 000 tons are still expected to be exported between January and March and this will take away the extra stock,” Brink van Wyk, a trader at Bosveld Graan, said yesterday. “This automatically means higher prices.” White maize for March delivery rose 3.1 percent to a record R2 644 a ton on the SA Futures Exchange yesterday, its biggest jump since October 21. Yellow maize for July delivery advanced 3.7 percent to R2 035 a ton, its largest gain since October 12. – Bloomberg

TOURISM