South African Wheat Futures Rebound, Advance Most in Five WeeksKevin Crowley
Wheat futures traded in South Africa rose the most in five weeks, rebounding from four straight sessions of declines.
Wheat for delivery in March climbed 0.8 percent to 3,689.80 rand ($356) a metric ton by the close on the South African Futures Exchange in Johannesburg. That was the contract’s biggest gain since Nov. 4, data compiled by Bloomberg showed.
South Africa is a net importer of wheat and sub-Saharan Africa’s largest producer of the grain after Ethiopia. The nation is the region’s biggest importer after Nigeria and Sudan, according to U.S. Department of Agriculture data.
White corn for delivery in March advanced 0.1 percent to 2,690 rand a ton. Yellow corn for the same delivery month rose 0.3 percent to 2,617 rand a ton.
South Africa is the continent’s largest producer of corn. A meal made from white corn is a staple food in the nation, while the yellow variety of the grain is mainly fed to animals.