Johannesburg - South African yellow-corn futures rose the most in four weeks in Johannesburg as the rand slumped against the dollar, making imports of the grain more expensive.
Yellow corn for delivery in September added 1.3 percent, the most since July 16, to 2,134 rand ($213) a metric ton by the close on the South African Futures Exchange.
The white variety for delivery in December gained 1.5 percent to 2,337 rand a ton.
The rand weakened for a second day and South African bond yields rose to a seven-week high following the death of a worker at Lonmin Plc’s Marikana mine.
That raised concern among investors because only about a year has passed since at least 44 people died in violence at the site.
“What contributed today was the weaker exchange rate, which gave a rise to the prices,” Thys Grobbelaar, an analyst at Klerksdorp, South Africa-based Senwes Ltd., said by phone.
South Africa is the continent’s largest producer of corn, also called maize.
Yellow corn is mainly used as animal feed, while the white variety is used to make one of the nation’s staple foods.
Wheat for delivery in December rose for a third session in four, adding 0.3 percent to 3,338 rand a ton. - Bloomberg News