South African corn advances as rand weakens

Corn in South Africa, the largest producer of the grain on the continent, advanced as the rand weakened against the dollar, making imports more expensive for local millers. The rand traded at 7.0280 to the dollar at 9:26 am in Johannesburg, compared with 6.9092 at the close of grain trading at noon yesterday

White corn for December delivery, the most active contract, gained 13 rand, or 1 per cent, to 1,312 rand ($186) a metric tonne on the South African Futures Exchange. Meal made from the grain is the country’s staple food. Yellow corn for December delivery rose 21 rand, or 1.5 per cent, to 1,430 rand a tonne. The grain is mainly used as animal feed in South Africa. Wheat for December delivery advanced 39 rand, or 1.5 per cent, to 2,673 rand a tonne. Gains or losses for the most active contracts of three additional crops today are as follows. All prices are in rand, and the crops are sold in tons: