Corn futures in South Africa fell to the lowest level in a week as the rand strengthened against the dollar, making it cheaper to import the grain.
White corn for delivery in July fell 0.8 percent to 2,125 rand ($202) a metric ton, the lowest since March 31, by the noon close on the South African Futures Exchange. The yellow variety dropped 0.4 percent to 2,218 rand a ton.
“It was expected that the price would go down because of our strong rand,” said Thys Grobbelaar, an analyst at Senwes Ltd. in Klerksdorp, South Africa.
The rand gained 0.5 percent to 10.5149 per dollar at 4:55 p.m. in Johannesburg.
South Africa is the continent’s largest producer of corn. Meal made from yellow corn is fed to animals while the white type is used to make a staple food, known locally as pap.
Wheat for delivery in May fell 0.5 percent to 3,976 rand a ton.