May 31, 2013
South Africa's corn hit highest level as rand declines
As the rand declined against the dollar, corn in South Africa gained to the highest level in more than eight weeks, making imports of the grain more expensive.
White corn for delivery in July, the most active contract, rose 2% to ZAR2,293 (US$228) a tonne, the highest since April 2, by the midday close on the South African Futures Exchange. The yellow variety for delivery in the same month increased 2% to ZAR2,276 (US$226) a tonne.
The rand slumped, trading below 10 per dollar for the first time since March 2009.
South Africa is the continent's largest producer of corn. Meal from the white variety is a staple food while yellow is mainly used as animal feed.
Wheat for delivery in July rose 0.3 % to close at 3,610 rand a ton.
