Johannesburg - South African white corn rose to the highest level in more than one week as the rand continues to drop, making imports of the grain more expensive.
White corn for delivery in July, the most active contract, increased by 2 percent to 2,355 rand a metric ton, the highest since May 31, by the midday close in Johannesburg.
The yellow variety for delivery in the same month gained 2.2 percent to 2,333 rand a ton.
The rand, which has fallen about 20 percent against the dollar this year, declined for a second consecutive day as China’s manufacturing and trade expanded less than estimated last month.
The nation is the biggest buyer of South African raw materials, including iron ore and coal.
“The main reason for today’s high prices is the terrible performance by the rand,” Brink van Wyk, a trader at BVG, said by phone from Pretoria.
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 0.4 percent to close at 3,631 rand a ton. - Bloomberg News