Johannesburg - Corn in South Africa gained to the highest level in more than eight weeks as the rand declined against the dollar, making imports of the grain more expensive.
White corn for delivery in July, the most active contract, rose 2 percent to 2,293 rand ($228) a metric ton, the highest since April 2, by the midday close on the South African Futures Exchange.
The yellow variety for delivery in the same month increased 2 percent to 2,276 rand a ton.
The rand slumped, trading below 10 per dollar for the first time since March 2009.
“The main thing today is the weakening of the rand,” Benjamin Swanepoel, a trader at Trademar Futures (Pty) Ltd., said today by phone in Johannesburg.
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 0.3 percent to close at 3,610 rand a ton. - Bloomberg News