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The rand gained 0.3% to 13.3846 per dollar after strengthening 7.4% in January, its best start to a year since Bloomberg began tracking the data in 1998. The dollar's 14-day relative strength indicator against the rand fell below 30 for the first time in a year, a level some traders read as a sign the dollar has fallen too far.
A stronger rand makes South African imports cheaper in dollar terms and has little direct effect on feed grain supply or demand. Analysts warn of a possible pullback, so the currency move is unlikely to change feed commodity prices on its own.
moneyweb.co.zaColleen Goko, BloombergJan 31, 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.
