Wheat at four-week low

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Wheat1 http://www.sxc.hu/

Johannesburg - South African wheat futures fell to the lowest level in four weeks in Johannesburg on the highest buying and selling of the contracts so far this month.

Wheat for delivery in July dropped 1 percent to 3,903 rand a metric ton, the lowest close since April 23, on the South African Futures Exchange.

The decline was the biggest for a most-active contract since April 22.

Investors bought and sold 2,256 contracts, up 51 percent from yesterday and the most since April 29, data compiled by Bloomberg showed.

The nation, a net importer of wheat, is sub-Saharan Africa’s largest producer of the cereal after Ethiopia and the region’s biggest buyer after Nigeria and Sudan, according to US Department of Agriculture data.

White corn for delivery in July rose 0.6 percent to 1,904 rand a ton, while the yellow variety due in the same month added 0.2 percent to 2,009 rand a ton.

South Africa is the continent’s biggest grower of corn.

Meal made from the white variety is used to make a staple food known as pap, while yellow corn is mainly fed to animals. - Bloomberg News



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