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The US envoy to South Africa said a Russian ship had picked up weapons in South Africa. The rand and South Africa's 2030 government bond extended losses after the US assertion.
Currency traders worried that South Africa could face Western sanctions.
Potential Western sanctions on South Africa would hurt its trade and capital flows and weaken the rand, raising the cost of dollar-priced feed imports. The effect on feed commodity prices is indirect.
reuters.comCarien Du Plessis, Nellie Peyton, Bhargav AcharyaMay 11, 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.
