South African Corn Futures Decline as Rand Strengthens Further
Corn futures traded in South Africa, the continent’s largest producer of the grain, fell as further gains by the rand made imports cheaper.
White corn for delivery in December, the most-active contract, declined 2.1 percent to 2,326 rand ($235) a metric ton by the close on the South African Futures Exchange in Johannesburg. The drop was the biggest since July 15. Yellow corn for the same delivery month lost 2 percent, the most in more than a week, to 2,142 rand a ton.
The rand gained for a fourth day against the dollar after the end of a strike at Anglo American Platinum Ltd. (AMS), the world’s biggest producer of the metal, over planned job cuts. The currency traded at 9.8964 per dollar at 2:39 p.m. in Johannesburg.
“White and yellow corn are down sharply today due to the rand, which is stronger than yesterday,” Brink van Wyk, a trader at BVG (Pty) Ltd., said in an e-mailed response to questions.
A meal made from white corn is a staple food in South Africa and the yellow variety is mostly fed to animals.
Wheat for delivery in December lost 0.4 percent to 3,434 rand a ton.
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