South African Corn Slides to Lowest in a Month as Rand ClimbsTshepiso Mokhema
Corn futures traded in South Africa, the continent’s largest producer of the grain, fell to one-month lows as advances by the rand against the dollar made imports cheaper.
White corn for delivery in December, the most active contract, slid 1.5 percent to 2,308 rand ($236) a metric ton by the close on the South African Futures Exchange in Johannesburg. Yellow corn for the same delivery month dropped 0.9 percent to 2,147 rand a ton. Those were the lowest prices since Aug. 14 for both varieties.
The rand touched a five-week high against the dollar after Lawrence Summers withdrew his bid to become Federal Reserve chairman. South African corn prices also slumped today after the grain fell in the prior session on the Chicago Board of Trade.
“The rand traded stronger than Friday and corn was down in the U.S.,” Brink van Wyk, a trader at BVG (Pty) Ltd., said in an e-mailed response to questions today.
A meal made from white corn is one of South Africa’s staple foods and yellow corn is mainly used as animal feed.
Wheat for delivery in December fell for a sixth session in seven to 3,345 rand a ton, the lowest since Aug. 19.