Johannesburg - South African wheat futures rose to the highest level in more than four months by the close in Johannesburg. Corn climbed.
Wheat for delivery in December advanced 0.6 percent to 3,597 rand ($347) a metric ton by the midday close on the South African Futures Exchange.
That’s the highest settlement for a most traded contract since June 21, according to data compiled by Bloomberg.
South Africa, a net importer of wheat, is the sub-Saharan region’s largest producer of the grain after Ethiopia and the area’s biggest buyer after Nigeria and Sudan, according to US Department of Agriculture data.
Yellow corn for delivery in December increased 1.7 percent to 2,367 rand a ton, while the white variety increased 1.3 percent to 2,452.20 rand a ton by the midday close.
South Africa is the continent’s biggest corn producer.
A meal made from white corn is a staple food in the nation and the yellow variety is mostly fed to animals. - Bloomberg News