July 26, 2010

South Africa's corn falls as rand firms against US dollar

South African white and yellow corn fell as the rand strengthened against the US dollar, cutting the cost of imports for local millers.

The rand traded at ZAR7.3915 (US$0.999) against the dollar at 9:05 a.m. in Johannesburg, compared with ZAR7.4227 (US$1.003) at the close of grain trading at noon on July 23.

White corn for December delivery, the most active contract on the South African Futures Exchange, slipped ZAR17 (US$2.30), or 1.4%, to ZAR1,163 (US$157) per tonne. Meal made from the grain is the country's staple food.

Yellow corn for September delivery dropped ZAR20 (US$2.70), or 1.7%, to ZAR1,150 (US$155.49) a tonne. The grain is used mainly for animal feed in South Africa.

Wheat for September delivery declined 0.1%, to ZAR2,463 (US$332.90) a tonne. Price for soy remained unchanged.