Wheat declines for a fourth day

Johannesburg - South African wheat fell for a fourth session and to the lowest level in more than four weeks.

Yellow corn gained.

Wheat for delivery in May dropped 0.2 percent to 3,932 rand ($377) a metric ton, the lowest level since March 11, by the close in Johannesburg.

Yellow corn for delivery in July gained 0.6 percent to 2,211.20 rand a ton, while the white variety was unchanged.

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

The nation imported 16,776 tons of wheat in the week to April 4, a spokesman for Pretoria-based South African Information System, who can’t be identified in line with the company’s policy, said by phone.

The country exported 6,313 tons of the cereal in the week. - Bloomberg News