Johannesburg - South African corn futures climbed for the first time in nine days after the rand weakened against the dollar, making imports of the grain more expensive.
White corn for delivery in December, the most active contract, rose 2 percent to 2,287 rand ($227) a metric ton, the first gain since June 20, by the close in Johannesburg.
The yellow variety increased 2 percent to 2,220.60 rand a ton.
South Africa’s rand depreciated for a third day against the dollar as growth in China’s service industries slowed and a slump in Portuguese bonds reignited concern Europe’s debt crisis is worsening.
“The rand’s weakness caused today’s rise in corn prices,” Andrew Fletcher, an independent trader in Kroonstad in the Free State province, said by phone.
South Africa is the continent’s largest producer of corn.
Meal from the white variety is a staple food, while yellow corn is mainly used as animal feed.
Wheat for delivery in December gained 1.8 percent to 3,386 rand a ton. - Bloomberg News