South African Wheat Advances as Benchmark U.S. Price Increases

Wheat in South Africa advanced as prices climbed in the U.S., which competes for African export markets.

Wheat for March delivery rose as much as 1.5 percent to $7.5075 a bushel on the Chicago Board of Trade today, extending yesterday’s 7.2 percent gain.

Wheat for March delivery, the most active contract on the South African Futures Exchange, added 35 rand, or 1.3 percent, to close at 2,784 rand ($399) a metric ton in Johannesburg.

White corn for March delivery gained 15 rand, or 1.1 percent, to 1,372 rand a ton. Meal made from the grain is the country’s staple food.

Yellow corn for March delivery advanced 14 rand, or 1 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       4,065          4,030          +0.9
Soybeans         3,140          3,120          +0.6
Sorghum          1,450          1,450           0.0
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