(Businessweek) – South African wheat futures fell the most since July in Johannesburg trading.
Wheat for delivery in March, the most active contract, dropped 0.8 percent, the most since July 26, to 3,660.20 rand ($356) a metric ton by the midday close on the South African Futures Exchange in the city.
South Africa is a net importer of wheat and sub-Saharan Africa’s largest producer of the grain after Ethiopia. The nation is the region’s biggest importer after Nigeria and Sudan, according to U.S. Department of Agriculture data.
White-corn futures for delivery in March declined 1 percent, the first drop since Nov. 28, to 2,690 rand.
South Africa is the continent’s largest producer of corn. The meal made from white corn is used as a staple food, while the yellow variety is mainly fed to animals.
