South African Corn Declines in Johannesburg as Rand Strengthens

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 7.2305 to the dollar at 9:14 a.m. in Johannesburg, compared with 7.2611 at the close of grain trading at noon yesterday.

White corn for March delivery, the most active contract on the South African Futures Exchange, dropped 25 rand, or 1.6 percent, to 1,560 rand ($216) a metric ton. Meal made from the grain is the country’s staple food.

Yellow corn for July delivery fell 33 rand, or 1.9 percent, to 1,690 rand a ton. The grain, used mainly as animal feed in South Africa.

Wheat for March delivery declined 2 rand, or 0.1 percent, to 3,378 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       4,605           4,630          -0.5
Soybeans         3,790           3,845          -1.4
Sorghum          1,550           1,550           0.0

(Source: http://www.bloomberg.com/news/2011-02-08/south-african-corn-declines-in-johannesburg-as-rand-strengthens.html)