South Africa Seen in Survey Keeping Wheat Production ForecastTshepiso Mokhema
South Africa will probably retain its estimate for wheat output this season, a survey showed.
Local farmers may harvest 1.79 million metric tons of the cereal this season, according to a median estimate of four analysts in a Bloomberg survey, matching the Nov. 25 prediction by the Crop Estimates Committee. The CEC will release its data on Dec. 19.
Wheat for delivery in March gained 0.4 percent to 3,930 rand a metric ton, the highest for a most-active contract since May 21, by the close on the South African Futures Exchange yesterday.
While South Africa is the sub-Saharan region’s biggest producer of wheat after Ethiopia, it is still a net importer of the cereal, according to U.S. Department of Agriculture data.