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

Dec. 6 (Bloomberg) -- Wheat in South Africa advanced as prices climbed in the U.S.

Wheat for March delivery, the most active contract on the South African Futures Exchange, added 25 rand, or 1 percent, to end trade at 2,828 rand ($415) a metric ton in Johannesburg. Morocco, Egypt and Algeria are Africa’s largest wheat growers. Wheat rose as much as 2.4 percent on the Chicago Board of Trade.

White corn for March delivery gained 23 rand, or 1.7 percent, to 1,392 rand a ton. Meal made from the grain is the country’s staple food.

Yellow corn for March delivery advanced 9 rand, or 0.6 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       4,104          4,060          +1.1
Soybeans         3,125          3,110          +0.5
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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