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The rand has weakened this week along with other emerging-market currencies as the dollar strengthened on rising US Treasury yields. Weakness was amplified by a soft Quarterly Employment Statistics report from Statistics South Africa, which showed total employment falling 0.9% quarter on quarter.
Global risk-off drivers cited include Evergrande, the US debt ceiling and a hawkish Federal Reserve.
A weaker rand raises the local-currency cost of dollar-priced feed ingredients such as soybean meal and corn imports. The currency move is driven mainly by global risk sentiment and dollar strength rather than by grain fundamentals.
ig.comShaun MurisonSep 28, 2021Not 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.
