South African Corn Climbs as Rand Weakens, Raising Import Costs
South African white-corn futures rose after the rand weakened against the dollar, making grain imports more expensive. Yellow corn and wheat also increased.
White corn for March delivery, the most active contract, gained 1 percent to 2,524 rand ($285) a metric ton by the close in Johannesburg. The yellow variety for delivery in July, rose 1.5 percent to 2,409 rand a ton.
The rand declined for the first time in five days after South African Reserve Bank Governor Gill Marcus said economic growth is likely to remain low. It depreciated 0.3 percent to 8.8696 per dollar at 2:19 p.m. in Johannesburg.
Wheat for March delivery increased 1.4 percent to 3,840 rand a ton.
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