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South African Corn Falls as Rand Strengthens for Sixth Day

Nov. 29 (Bloomberg) -- South African white-corn futures declined as the rand gained against the dollar, making grain imports cheaper. Yellow corn and wheat also fell.

White corn for March delivery, the most active contract, dropped 0.7 percent to 2,502 rand ($286) a metric ton by the close in Johannesburg. The yellow variety for delivery in July, declined 0.3 percent to 2,400 rand a ton.

The rand rose for a sixth day, increasing 0.7 percent to 8.7552 a dollar at 1:39 p.m.

“As a result of the stronger rand, prices have moved lower,” Lindy van Blommestein, a trader at Farmwise Grains (Pty) Ltd., said by phone from Johannesburg.

South Africa is the continent’s largest producer of corn. Meal made from the white variety is used as one of its staple foods, while yellow corn is mainly used as animal feed.

Wheat for March delivery declined 0.2 percent to 3,833 rand a ton.

To contact the reporter on this story: Tshepiso Mokhema in Johannesburg at tmokhema@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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