South African Corn Advances as Rand Weakens Against the Dollar

Corn rose in South Africa, the largest producer of the grain on the continent, as the rand weakened against the dollar, making imports more expensive for local millers.

White corn for July delivery, the most active contract, gained 17 rand, or 1 percent, to 1,670 rand ($239) a metric ton on the South African Futures Exchange. Meal made from the grain is the country’s staple food.

The rand traded at 6.9875 to the dollar at 9:17 a.m. Johannesburg time, compared with 6.9577 at the close of grain trading at noon yesterday.

Yellow corn for July delivery rose 13 rand, or 0.8 percent, to 1,715 rand a ton. The grain is mainly used as animal feed in South Africa.

Wheat for May delivery declined 10 rand, or 0.3 percent, to 3,180 rand a ton.

Gains or losses for the most active contracts of three additional crops today are as follows. All prices are in rand, and the crops are sold in tons:

             Today’s Price   Previous Close   % Change
Sunflowers       4,211          4,195             0.4
Soybeans         3,445          3,485             1.2
Sorghum          1,580          1,580             0.0

 

(Source: http://www.bloomberg.com/news/2011-03-02/south-african-corn-advances-as-rand-weakens-against-the-dollar.html)