Wheat rises to 5-year high

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Johannesburg - Wheat futures traded in South Africa climbed to a five-year high, extending gains this year to 13 percent.

Wheat futures climbed as much as 1.8 percent to 4,114 rand a metric ton by 10:12 a.m. on the South African Futures Exchange, the highest since June 2008.

Wheat in Chicago rallied 2.7 percent yesterday and are 14 percent higher for 2014.

“US grains gained yesterday due to bad weather reports and that raises import prices for South African buyers,” Andrew Fletcher, an independent trader in Kroonstad in the Free State province, said by phone.

South African white corn climbed 0.4 percent to 2,113 rand a ton in Johannesburg.

Yellow corn rose 0.5 percent to 2,208 rand a ton. - Bloomberg News

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