Wheat gains to highest level in 4 weeks

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Johannesburg - Wheat in South Africa rose to the highest level in more than four weeks as the rand fell against the US dollar during trading.

The wheat contract for delivery in December gained 0.3 percent to 3,630 rand a metric ton, the highest since June 4, by the midday close on the South African Futures Exchange.

The rand declined 0.3 percent to 10.79 per dollar in Johannesburg.

National Union of Metalworkers of South Africa will resume talks with employers to resolve an industry strike.

“The rand weakened quite a bit during the trading time,” Brink van Wyk, a trader with BVG (Pty) Ltd. in Pretoria, said in an e-mailed response to questions.

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

White corn for delivery in July rose 0.5 percent to 1,769 rand a ton, while the yellow variety advanced 0.5 percent to 1,950 rand a ton. - Bloomberg News

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