SA wheat rises to six-week high

Comment on this story

Johannesburg - South African wheat futures rose to the highest level in almost six weeks, tracking the global benchmark that advanced following worsening crop conditions in the US, the top exporter.

The contract for July-delivery wheat climbed for a fourth day, adding 0.2 percent to 4,065 rand a metric ton, the highest since March 26, by the midday close on the South African Futures Exchange.

The cereal for delivery in the same month increased 1.8 percent yesterday on the Chicago Board of Trade.

About 38 percent of the US winter wheat crop was in poor or very poor condition as of May 4 from 34 percent a week earlier, the US Department of Agriculture said yesterday.

“The negative crop data had a direct bearing” on South African wheat futures, Lindy van Blommestein, a trader at Farmwise Grains (Pty) Ltd., said by phone from Johannesburg today.

South Africa is the sub-Saharan region’s largest grower of the grain after Ethiopia, according to USDA data.

It’s the area’s biggest importer of the cereal after Nigeria and Sudan. - Bloomberg News

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines