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Markets were calm ahead of Moody's review of South Africa's credit rating, with economists expecting the country to avoid a junk downgrade. A downgrade could trigger as much as $6 billion of capital outflows.
The rand was up 0.2% at 11.82 per dollar.
A downgrade would weaken the rand and raise feed import costs, while a hold would support it, so the outcome is a modest currency risk for South African feed buyers.
moneyweb.co.zaColleen Goko, Thembisile Dzonzi, BloombergMar 23, 2018Not 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.
