Wheat rallies to three-week high

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Johannesburg - South African wheat rose to the highest in more than three weeks as corn advanced.

Wheat for delivery in December increased for a fourth day, adding 0.7 percent to 3,600 rand a metric ton, the highest for a most-active contract since July 7, by the noon close on the South African Futures Exchange in Johannesburg.

While South Africa is the sub-Saharan region’s biggest producer of the grain after Ethiopia, it’s still a net importer of wheat, according to US Department of Agriculture data.

The nation is the area’s biggest buyer of the cereal after Nigeria and Sudan.

Yellow corn for delivery in December gained 0.6 percent to 1,880 rand a ton.

The white type for delivery in the same month increased 0.3 percent to 1,790 rand. - Bloomberg News

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