South African corn prices may reach 2,646 rand (US$340) per ton in 2013, according to the agribusiness unit of bank Absa Group Ltd.


Prices of agricultural land in the country are forecast to grow by 12 percent per year, said Ernst Janovsky, general manager of the agribusiness unit. White corn for July delivery declined 3.1 percent to 2,104 rand (US$270.78) at the April 17 midday close in Johannesburg. Yellow corn for July delivery was also down 3.1 percent at 2,045 rand (US$263.19).