Johannesburg - Wheat futures traded in South Africa fell the most in a week after reaching the highest price since July 8 in yesterday’s session.
Wheat for delivery in December, the most active contract, dropped 0.4 percent to 3,440 rand ($346) a metric ton by the close on the South African Futures Exchange in Johannesburg.
The slide was the biggest since October 1.
The grain climbed as high as 3,476 rand yesterday.
South Africa, a net importer of wheat, is sub-Saharan Africa’s largest producer of the grain after Ethiopia and the region’s biggest importer after Nigeria and Sudan, according to US Department of Agriculture data.
Yellow corn for delivery in December gained 0.2 percent to 2,161 rand a ton, while the white variety for the same delivery month was unchanged at 2,363 rand a ton.
A meal made from white corn is a staple food in South Africa, the continent’s largest corn producer, and the yellow variety is mostly fed to animals. - Bloomberg News