SA wheat futures rise

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Johannesburg - South African wheat futures gained for the first time in five days in Johannesburg trading.

The contract for delivery in December climbed 0.9 percent to 3,562 rand ($341) a metric ton at midday on the South African Futures Exchange, paring the drop this week to 1.7 percent, the biggest weekly decline since July 26.

South Africa is a net importer of wheat and sub-Saharan Africa’s largest producer of the grain after Ethiopia.

The nation is the region’s biggest importer after Nigeria and Sudan, according to US Department of Agriculture data.

White corn for March delivery climbed 0.3 percent to 2,684 a ton.

Yellow corn for delivery in the same month added 0.4 percent to 2,600 rand.

South Africa is the continent’s largest producer of corn.

Meal made from the white variety is a staple food in the nation, while the yellow type is mainly fed to animals. - Bloomberg News

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