South African Wheat Advances as Rand Weakens Against Dollar

Wheat advanced in South Africa as the rand weakened against the dollar, making imports more expensive for local millers.

The rand traded at 7.2157 to the dollar at 12:14 p.m. in Johannesburg, compared with 7.1447 at the close of grain trading at noon yesterday.

Wheat for March delivery, the most active contract, gained 40 rand, or 1.2 percent, to close at 3,283 rand ($454) a metric ton on the South African Futures Exchange.

White corn for July delivery rose 7 rand, or 0.4 percent, to 1,653 rand a ton. Meal made from the grain is South Africa’s staple food.

Yellow corn for July delivery climbed 6 rand, or 0.4 percent, to 1,692 rand a ton. The grain is mainly used as animal feed in South Africa.

Gains or losses for the most active contracts of three additional crops today are as follows. All prices are in rand, and the crops are sold in tons:

             Today’s Price   Previous Close   % Change
Sunflowers        4,354          4,351          +0.1
Soybeans          3,560          3,455          +3.0
Sorghum           1,580          1,580           0.0

 

(Source: http://www.bloomberg.com/news/2011-02-22/south-african-wheat-advances-as-rand-weakens-against-dollar.html)