S. African White Corn Rises to 2-Week High on Weaker RandTshepiso Mokhema
South African white corn futures rose to the highest level in two weeks as the rand weakened against the U.S. dollar, making imports more expensive.
White corn for delivery in July rose 1 percent to 1,870 rand ($175), the highest settlement since May 27, by the midday close on the South African Futures Exchange in Johannesburg. The yellow type gained 1.1 percent to 1,982 rand a ton.
“White corn is up a little as the rand has weakened quite a bit the last couple of days,” Brink van Wyk, a trader at Pretoria-based BVG, said in an e-mailed response to questions. The currency declined as much as 0.8 percent against the dollar today.
South Africa is the continent’s biggest producer of corn. Meal from white corn is cooked to make one of the country’s staple foods, known as pap, and the yellow variety is mainly used as animal feed.
Wheat for delivery in July was little change at 3,848 rand a ton.