South African wheat advances

Wheat in South Africa, the continent’s third-largest producer of the grain, rose as the rand weakened against the dollar, increasing the cost of imports for local millers.

The rand traded at 8.1879 per dollar at 9:18 a.m. in Johannesburg, compared with 8.0172 at the close of grain trading at noon on Aug. 14.

Wheat for December delivery, the most active contract on the South African Futures Exchange, gained 14 rand, or 0.6 percent, to 2,285 rand ($279) a metric ton. Morocco and Egypt are Africa’s biggest wheat producers.

White corn for December delivery rose 1 rand, or 0.1 percent, to 1,529 rand a ton. Meal made from the grain is South Africa’s staple food.

Yellow corn for September delivery fell 2 rand, or 0.1 percent, to 1,367 rand a ton. The grain is used mainly as animal feed in South Africa. The U.S., China and Argentina are the world’s biggest corn exporters.

Source: Bloomberg

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