South African white corn up sharply in 3 weeks

White corn in South Africa has risen the most in more than three weeks as a technical indicator showed its price had fallen too low. South Africa is Africa’s largest producer of the grain.

White corn in South Africa has risen the most in more than three weeks as a technical indicator showed its price had fallen too low. South Africa is Africa’s largest producer of the grain.

White corn for delivery in July increased 0.9 percent to 1,933 rand ($187) a metric ton by the midday close May 14 on the South African Futures Exchange, the biggest advance for a most active contract since April 17. White corn’s relative strength index is 22.9. Readings lower than 30 indicate a potential impending increase to some analysts who study technical charts. The gauge has been below 30, or oversold, since April 23.

“We were strongly oversold and there was a correction by the market,” Thys Grobbelaar, an analyst at Klerksdorp-based Senwes Ltd., said in a Bloomberg report.

South African corn prices have declined 31 percent this year after reaching a record in March. Prices plummeted after the South African Crop Estimates Committee said in March that the next harvest may be the biggest in 33 years.

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