South African Wheat Rises for Eighth Day, Tracking U.S. Prices

Wheat in South Africa advanced for an eighth consecutive day as prices climbed in the U.S.

Wheat for March delivery, the most active contract on the South African Futures Exchange, added 19 rand, or 0.7 percent, to 2,860 rand ($415) a metric ton in Johannesburg as of 9:14 a.m. Morocco, Egypt and Algeria are Africa’s largest wheat growers.

Wheat futures for March delivery climbed 14 cents, or 1.8 percent, to settle at $7.93 a bushel on the Chicago Board of Trade yesterday, as rain drenched fields in Australia delaying the harvest and raising speculation that crop quality will decline.

White corn for March delivery fell 1 rand, or 0.1 percent, to 1,393 rand a ton. Meal made from the grain is the country’s staple food.

Yellow corn for March delivery dropped 3 rand, or 0.2 percent, to 1,450 rand a ton. The grain is used mainly as animal feed in South Africa.

Gains or losses for the most active contracts of three additional crops today were as follows. All prices are in rand and the crops are sold per ton:

            Today’s Price   Previous Close   % Change
Sunflowers       4,100          4,104          -0.1
Soybeans         3,110          3,130          -0.6
Sorghum          1,500          1,500           0.0

To contact the reporter on this story: Mkhululi Mancotywa in Johannesburg at mmancotywa1@bloomberg.net.

To contact the editors responsible for this story: Amanda Jordan at ajordan11@bloomberg.net

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