South African Wheat Declines First Time in Five Sessions

South African wheat dropped for the first time in five sessions in Johannesburg trading. Corn advanced.

Wheat for delivery in December fell 0.1 percent to 3,597 rand ($339) a metric ton by the noon close on the South African Futures Exchange. Yesterday, the price reached the highest in more than three weeks.

“Volumes are low today,” said Andrew Fletcher, an independent trader in Kroonstad in the Free State province. “Prices are pretty flat as we move away from peak harvest time.”

While South Africa is the sub-Saharan region’s biggest producer of the grain after Ethiopia, it’s still a net importer of wheat, according to U.S. Department of Agriculture data.

White corn for delivery in December rose 0.5 percent to 1,796.20 rand a ton. Yellow corn for delivery in the same month climbed 0.5 percent to 1,878 rand a ton.

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