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South African Corn Declines as Rand Strengthens Against Dollar

Corn in South Africa, the largest producer of the grain on the continent, fell as the rand strengthened against the dollar, cutting the cost of imports for local millers.

The rand traded at 7.0494 to the dollar at 12:24 p.m. in Johannesburg, compared with 7.1397 at the close of grain trading at noon on yesterday.

White corn for March delivery, the most active contract on the South African Futures Exchange, declined 8 rand, or 0.6 percent, to close at 1,356 rand ($192) a metric ton. Meal made from the grain is the country’s staple food.

Yellow corn for March delivery fell 5 rand, or 0.3 percent, to 1,436 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for March delivery rose 7 rand, or 0.3 percent, to 2,746 rand a ton.

Gains or losses for the most active contracts of three additional crops today were as follows. All prices are in rand and the crops are sold per ton:

            Today’s Price   Previous Close   % Change
Sunflowers       4,030          4,045          -0.4
Soybeans         3,124          3,107          +0.5
Sorghum          1,450          1,450           0.0

To contact the reporter on this story: Mkhululi Mancotywa in Johannesburg at mmancotywa1@bloomberg.net.

To contact the editors responsible for this story: Amanda Jordan at ajordan11@bloomberg.net; Claudia Carpenter at ccarpenter2@bloomberg.net.

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