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The South African Reserve Bank kept its repo rate unchanged at 8.25% and warned that load shedding, weak commodity export prices and strong El Niño conditions threaten the outlook. The rand had depreciated about 10% year to date.
Higher-for-longer rates and a weaker rand raise the cost of imported feed for South African buyers, while El Niño risks to local agriculture could tighten domestic grain and feed supply.
sanews.gov.zaSep 21, 2023Not enough comparable past events yet for a historical read.
After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% 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.
