South African Corn Declines to 1-Week Low Following Rand’s Jump

Corn in South Africa fell to the lowest level in more than a week.

White corn for delivery in July retreated 2.1 percent to 2,266.80 rand ($229.23) a metric ton, the lowest closing price since June 4, by the midday close on the South African Futures Exchange. The yellow variety for delivery in the same month dropped 2.2 percent to 2,231 rand a ton.

The rand, which gained 2.6 percent against the U.S. dollar yesterday, making imports of the grain cheaper, today swung between gains and losses, adding as much as 0.2 percent and falling as much as 0.9 percent.

Meal made from white corn is a staple food in South Africa and the yellow variety is mainly used as animal feed in the continent’s largest producer of the grain.

Wheat for delivery in July fell for a third day to 3,520 rand a ton.