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The rand broke through R12 per dollar for the first time in about two and a half years, trading near R11.94 on Wednesday. The gain was attributed to a weak dollar and to positive South African government comments at Davos.
A firmer rand lowers the local cost of imported feed ingredients for South African buyers. The move is driven mainly by the dollar's weakness, so the effect on global grain prices is limited.
sabcnews.comThato MoetiJan 24, 2018Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, DXY moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
