# South African rand steady after third quarter GDP data | Reuters

> 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.

- Date: 2024-12-03 · published 2024-12-03T12:00:00.000Z
- Category: weather · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/27254-south-african-rand-steady-after-third-quarter-gdp-data-reuters
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

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.

## Read by commodity

- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-11-28 | [Weather hinders record South American exports](https://feedsoft.ai/events/33102-weather-hinders-record-south-american-exports.md) | +2.2% | +4.6% |
| CORN | 2022-10-22 | [Rains threaten South American wheat \| The Western Producer](https://feedsoft.ai/events/13694-rains-threaten-south-american-wheat-the-western-producer.md) | -1.1% | -1.4% |
| CORN | 2018-05-17 | [GRAINS-Wheat rallies as weather worries return, soy steady after slide](https://feedsoft.ai/events/10237-grains-wheat-rallies-as-weather-worries-return-soy-steady-after-slide.md) | +1.3% | -4.2% |
| CORN | 2019-10-30 | [Agri Trends South Africa- Grain- Oilseeds report October 2019](https://feedsoft.ai/events/56677-agri-trends-south-africa-grain-oilseeds-report-october-2019.md) | +2.1% | +0.3% |
| CORN | 2019-01-15 | [Challenging year ahead for South African beef cattle farmers](https://feedsoft.ai/events/61042-challenging-year-ahead-for-south-african-beef-cattle-farmers.md) | +0.5% | +0.8% |

## Sources

- reuters.com: https://www.reuters.com/world/africa/south-african-rand-softer-ahead-q3-gdp-data-2024-12-03/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.