South Africa Corn, Wheat Rise to Records on Weak Rand, Drought
- Weaker rand makes local varieties more attractive than imports
- Stocks of yellow corn fell 17% in October from month earlier
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South Africa yellow corn and wheat climbed to records in Johannesburg trading after the rand weakened against the dollar, making imports more expensive, and as a lack of rain in the main grain-growing regions persists.
Yellow corn for delivery in March rose 1.4 percent to 3,232.80 rand ($227) a metric ton by midday on the South African Futures Exchange, the highest level since August 1996. Wheat for delivery in the same month, increased as much as 0.8 percent to a record 4,640 rand a ton.