Corn in South Africa gained the most in almost two weeks after the rand declined for a third day, making imports of the grain more expensive.
Yellow corn for delivery in July, the most active contract, jumped 3.1 percent to 2,296 rand ($228) a metric ton, the most for the contract since June 5, by the midday close in Johannesburg. The price of the white variety gained 2.8 percent to 2,325 rand a ton, also the most since June 5.
The currency of Africa’s biggest economy declined for a third day before data that may tomorrow show that the nation’s current-account shortfall widened.
“The weaker rand caused today’s rise in prices,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes Ltd., said by phone today.
South Africa is the continent’s largest producer of the grain and meal made from the white variety is a staple food while yellow corn is mainly used as animal feed.
Wheat for delivery in July increased 1.6 percent to close at 3,575 rand a ton.
To contact the reporter on this story: Tshepiso Mokhema in Johannesburg at firstname.lastname@example.org
To contact the editor responsible for this story: Antony Sguazzin at email@example.com