South Africa Wheat Futures Rise to Highest in More Than 2 Months

South African wheat futures climbed to the highest level in more than two months in Johannesburg trading.

Wheat for delivery in December, the most active contract, gained 0.5 percent to 3,440 rand ($342) a metric ton, the highest since July 5, by the close on the South African Futures Exchange. Yellow corn for delivery in the same month increased 0.2 percent to 2,193 rand a ton while the white variety advanced 0.2 percent to 2,377 rand a ton.

South Africa is a net importer of wheat and sub-Saharan Africa’s largest producer of the grain after Ethiopia, as well as the region’s biggest importer after Nigeria and Sudan, according to U.S. Department of Agriculture data.

The nation is the continent’s largest corn producer. Meal made from the white variety is one of the nation’s staple foods and yellow corn is mostly fed to animals.

To contact the reporter on this story: Tshepiso Mokhema in Johannesburg at tmokhema@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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