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The IMF's Africa department head said political uncertainty is probably weighing on the rand, despite sound fiscal and monetary policy. The IMF cut its 2019 growth forecast for South Africa to 1.2%, down from 1.4%.
The rand has slumped back to pre-Ramaphosa levels.
Weak growth forecasts and political risk keep the rand under pressure, which raises the local cost of imported feed inputs. The effect is a currency and macro signal rather than a direct grain market driver.
moneyweb.co.zaAndrew Mayeda, BloombergApr 12, 2019Not 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.
