South African Wheat Futures Drop From Highest Price Since 2008

Wheat futures traded in South Africa declined from the highest level since 2008. White and yellow corn advanced.

Wheat for delivery in May, the most-active contract, slid 1.6 percent to 3,870 rand ($360) a metric ton by the noon close on the South African Futures Exchange in Johannesburg. The grain settled yesterday at the highest price since June 27, 2008, according to data compiled by Bloomberg.

South Africa will grow 1.75 million tons of wheat in the 2013-14 season and import 1.8 million tons, according to the U.S. Department of Agriculture. The nation is a net buyer of the grain and sub-Saharan Africa’s largest grower after Ethiopia.

White corn for delivery in July rose 0.2 percent to 2,090 rand a ton and the yellow variety for the same delivery month gained 0.8 percent to 2,179 rand a ton.

South Africa is the continent’s largest producer of corn. White corn is the source for a meal that’s a staple food in the country, while the yellow variety is mainly fed to animals.

Soybeans for delivery in July retreated 0.6 percent to 6,315 rand a ton.

Before it's here, it's on the Bloomberg Terminal.