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The rand was steady on 3 December after third-quarter GDP unexpectedly contracted 0.3% quarter on quarter, against a forecast of 0.5% growth. Statistics South Africa attributed the contraction to a regional drought that sharply cut agricultural output.
Analysts expected a return to modest growth in coming quarters.
Drought-driven farm output losses in South Africa can increase the country's need for imported maize and feed grains, which is supportive for feed-grain demand. The rand impact in this report was limited.
reuters.comDec 3, 2024After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
