Wheat rises for second dayComment on this story
Johannesburg - Wheat in South Africa gained for a second day to the highest level in more than two weeks. Maize dropped.
Wheat for delivery in December increased 0.1 percent to 3,551 rand a metric ton, the highest for a most-active contract since July 10, by the noon close on the South African Futures Exchange.
Local farmers may plant 505,250 hectares (1.25 million acres) with wheat according to a median prediction of four analysts in a Bloomberg survey.
That compares with the 500,500 hectares forecast by South Africa’s Crop Estimates Committee on April 24.
The committee will release its latest data on July 29.
While the country is one of sub-Saharan Africa’s largest producers of the grain, it’s still a net importer of wheat, according to US Department of Agriculture data.
Yellow maize for delivery in December fell 0.1 percent to 1,871 rand.
The white type for delivery in the same month declined 0.2 percent to 1,791 rand. - Bloomberg News