S. African Yellow Corn Drops Most in Almost 2 Weeks on Rand GainTshepiso Mokhema
South African yellow-corn futures dropped most in almost two weeks as the rand appreciated against the dollar, making imports of the grain cheaper.
Yellow corn for delivery in September, the most active contract, declined 1 percent to 2,125 rand ($216) a metric ton, the most since July 26, by the close in Johannesburg. The white variety for December delivery dropped 0.4 percent to 2,326 rand a ton.
The rand gained for the first time in four days after Chinese trade rebounded more than estimated in July, lifting prospects for South Africa’s commodity exports.
“The exchange was the main contributor in today’s price movement as the rand strengthened against the dollar,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes Ltd., said by phone.
South Africa is the continent’s largest producer of the grain. Yellow corn is mainly used as animal feed, while the white variety is used to make one of the nation’s staple foods.
Wheat for December delivery was little changed at 3,328 rand a ton.