Johannesburg - Corn futures traded in South Africa, the continent’s largest producer of the grain, fell to a one- week low as gains by the rand made imports cheaper.
White corn for delivery in December, the most active contract, slid 1.6 percent to 2,326 rand ($236) a metric ton, the lowest since July 29, by the close on the South African Futures Exchange in Johannesburg.
The yellow variety for delivery in September dropped 1.2 percent to 2,130 rand a ton.
The rand gained for a second day, before erasing the advance, amid signs China’s economy is stabilising after slowing for two straight quarters.
The Asian nation is the biggest buyer of South African raw materials.
“The rand strengthened significantly on Friday and even today,” Brink van Wyk, a trader at BVG (Pty) Ltd., said by phone.
“Our prices were mainly influenced by that.”
The South African currency climbed as high as 9.7933 to the dollar today and last traded at 9.8494.
White corn is used to make one of the nation’s staple foods, while the yellow variety is mainly used as animal feed.
Wheat for delivery in December fell 1 percent to 3,345 rand a ton after five sessions of gains, the longest advancing streak since May. - Bloomberg News