South African Corn Declines as Rand Strengthens, Wheat Falls

Corn fell in South Africa, the largest producer of the grain on the continent, as a strengthening rand curbed the cost of imports for local millers.

The rand traded at 7.2123 to the dollar at 9:28 a.m. in Johannesburg, compared with 7.2963 at the close of grain trading at noon yesterday.

White corn for July delivery, the most active contract on the South African Futures Exchange, dropped 10 rand, or 0.6 percent, to 1,649 rand ($228) a metric ton. Meal made from the grain is the country’s staple food.

Yellow corn for July delivery fell 21 rand, or 1.2 percent, to 1,678 rand a ton. The grain is used mainly as animal feed in South Africa.

Wheat for March delivery declined 42 rand, or 1.3 percent, to 3,313 rand a ton.

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

            Today’s Price   Previous Close   % Change
Sunflowers       4,282           4,395          -2.6
Soybeans         3,442           3,540          -2.8
Sorghum          1,580           1,580           0.0

 

(Source: http://www.bloomberg.com/news/2011-02-17/south-african-corn-declines-as-rand-strengthens-wheat-falls.html)