JSE: Proposal to hike wheat transport

A plan by the JSE, which manages the commodities exchange, to raise the reference price for the cost of transporting wheat from farmers to buyers by more than inflation would result in producers getting less, South Africa’s biggest grain growers’ association said on Friday. The amount deducted from every ton of wheat transported might increase as much as 37 percent to R575 for growers in the Western Cape, where 46 percent of the wheat is produced, Grain South Africa said. But Chris Sturgess, the director of commodities derivatives at the JSE, said: “What was sent out was a proposal for the market to give us feedback.” – Bloomberg