South African Corn Advances to Four-Month High; Wheat Also GainsTshepiso Mokhema
Corn futures in South Africa advanced to the highest level in more than four months in Johannesburg. Wheat gained.
Yellow corn for delivery in December, the most active contract, rose 1.3 percent to 2,394 rand ($230) a metric ton by the midday close on the South African Futures Exchange. White corn for delivery in the same month gained 0.5 percent to 2,467 rand a ton. For both contracts the closing price was the highest since June 20.
South Africa is the continent’s biggest corn producer. A meal made from white corn is a staple food in the nation and the yellow variety is mostly fed to animals.
Wheat for December delivery gained 0.1 percent to 3,598 rand a ton, rising for a fourth session to the highest closing price for the contract since December.
The nation, a net importer of wheat, is the sub-Saharan region’s largest producer of the grain after Ethiopia and the area’s biggest buyer after Nigeria and Sudan, according to U.S. Department of Agriculture data.