Johannesburg - Wheat futures traded in South Africa reached the highest level since December, extending a third straight monthly climb.
Wheat for delivery in December climbed 1.1 percent to 3,537 rand ($349) a metric ton by the close on the South African Futures Exchange in Johannesburg.
That was the highest settlement since December 11 for the contract, according to data compiled by Bloomberg, following October’s 1.7 percent gain.
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.
White corn for delivery in December gained 0.2 percent to 2,401 rand a ton.
The yellow variety for the same delivery month dropped 0.2 percent to 2,306 rand a ton.
South Africa is the continent’s biggest corn producer.
A meal made from white corn is a staple food in the nation and the yellow variety is mostly fed to animals. - Bloomberg News