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Wheat futures fall for a fourth day

Johannesburg - Wheat in South Africa fell for a fourth day in Johannesburg.

White and yellow corn dropped.

Wheat for delivery in May, the most active contract, decreased 0.7 percent to 3,801 rand ($356) a metric ton by the noon close on the South African Futures Exchange.

It was the longest losing streak since November 20.

The nation’s Crop Estimates Committee raised its forecast for wheat production to 1.8 million tons yesterday.

The country is sub-Saharan Africa’s largest producer of the grain after Ethiopia, and the region’s biggest buyer of the commodity after Nigeria and Sudan, according to US Department of Agriculture data.

White corn for delivery in July fell 0.8 percent 2,095 rand a metric ton, while the yellow variety dropped 0.9 percent to 2,175 rand a ton.

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

White corn is the source for a meal that’s a staple food in the country, while the yellow variety is mainly fed to animals.

Soybeans for delivery in May dropped 2 percent to 6,245 rand a ton. - Bloomberg News

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