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The South African rand traded near 19.66 per dollar, roughly flat after hitting an all-time low of 19.8175 the previous Friday. The South African Reserve Bank had raised its main rate by 50 basis points, and the currency was down about 7% against the dollar that month.
The central bank also warned of financial stability risks from capital outflows and possible sanctions tied to US allegations.
A weaker rand raises the local-currency cost of imported feed ingredients and supports South African import demand for US dollar-priced grains and meals. The move is largely a currency story with limited direct effect on global feed prices.
reuters.comMay 29, 2023Not enough comparable past events yet for a historical read.
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.
