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The rand plunged to a record 19.8468 per dollar after the South African Reserve Bank raised its policy rate to a two-decade high. It posted six straight weeks of losses amid electricity shortages and a diplomatic row with the US over South Africa's ties with Russia.
Options pricing implied an 80% chance the currency would reach 20 per dollar within a month.
Continued rand weakness raises South African import costs for dollar-priced feed ingredients and may squeeze local feed demand. The story describes currency pressure with limited direct effect on global feed prices.
bloomberg.comColleen Goko-PetzerJun 1, 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.
