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Strategists expected the rand to be driven increasingly by South African monetary policy and offshore factors, now that the budget had largely avoided a Moody's downgrade. The budget plan includes a 1% VAT rise and a forecast deficit fall to 3.5% of GDP by 2020/21.
Analysts recommended hedging against a weaker rand at current levels.
Expected rand weakness would raise South African import costs for feed ingredients, but the effect on global grain and meal prices is small. Hedging advice mainly concerns currency exposure for local buyers.
poundsterlinglive.comJames SkinnerFeb 22, 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.
