South African Corn Falls Most in a Week as Rand StrengthensTshepiso Mokhema
Corn in South Africa declined the most in a week after the rand gained against the dollar, making imported varieties cheaper, and as prices fell in Chicago.
Yellow corn for delivery in July, the most active contract, dropped 2.2 percent, the most since June 14, to 2,286.60 rand ($225) a metric ton by the close in Johannesburg. The white variety for delivery in the same month decreased 1.9 percent to 2,326.60 rand a ton.
The rand strengthened for the first time in six days as metal prices rallied, boosting South Africa’s export prospects.
“During trading the rand had strengthened and that added to the drop in today’s prices,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone from Pretoria. “The U.S. price is also low today.”
Corn for delivery in December declined for a second day on the Chicago Board of Trade.
Meal made from white corn is a staple food in South Africa, the continent’s largest producer of the grain. The yellow variant is mainly used to feed animals.
Wheat for delivery in July lost 0.8 percent to 3,622 rand a ton.