South Africa's corn stocks reached nine-month lows in February on increased exports and a smaller-than-expected harvest, falling to 1.88 million metric tons from 2.56 million metric tons during the same time in 2011, according to the South African Grain Information Service.


The stocks, which include 1.27 million metric tons of white corn and 608,000 metric tons of yellow corn, are the lowest since May 2011. “The harvest for the marketing year that ends in April has been about 400,000 tons smaller than we expected,” said Theo Venter, market analyst at Senwes Ltd. “Exports have been higher than predicted, and this has lowered stocks.” The country began importing yellow corn in December 2011, the first such shipments since the season through April 2010.