South African White Corn Declines as Rand Gains Against Dollar

White 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 6.8860 to the dollar at 12:12 p.m. in Johannesburg, compared with 6.9083 at the close of grain trading at noon yesterday.

White corn for March delivery, the most active contract on the South African Futures Exchange, dropped 1 rand, or 0.1 percent, to close at 1,393 rand ($202) a metric ton. Meal made from the grain is the country’s staple food.

Yellow corn for March delivery rose 4 rand, or 0.3 percent, to 1,457 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for March delivery gained 2 rand, or 0.1 percent, to 2,843 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       4,120          4,104          +0.4
Soybeans         3,150          3,130          +0.6
Sorghum          1,500          1,500           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.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.