South African Wheat Rises to 5-Year High as White Corn at Record

South African wheat futures climbed to a five-year high on speculation the weakening rand against the dollar will boost demand for the local grain. White corn rose to a record.

Wheat for March delivery increased 0.5 percent to 3,848 rand ($342) a metric ton by the midday close on the South African Futures Exchange, the highest close for a most-active contract since June 2008. White corn for March delivery jumped 2.5 percent to 3,273 rand a ton, the highest settlement since trading started in 1996. Yellow corn for July delivery was unchanged at 2,290 rand a ton by the close in Johannesburg.

South Africa will produce 1.75 million tons of wheat in 2013-14 and import 1.8 million tons, according to the U.S. Department of Agriculture. The rand earlier today declined as much as 0.7 percent to 11.3909 per dollar, the weakest since October 2008, before rebounding.

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