South African Wheat Falls for Second Day, Tracking U.S. Prices

Wheat in South Africa dropped for a second day after prices fell in the U.S.

Wheat for March delivery, the most-active contract on the South African Futures Exchange, fell 65 rand, or 1.9 percent, to end trade at 3,350 rand ($455) a metric ton.

Wheat futures for May delivery dropped 31.75 cents, or 3.5 percent, to settle at $8.7225 a bushel on the Chicago Board of Trade yesterday, the biggest drop since Nov. 16.

White corn for July delivery declined 22 rand, or 1.3 percent, to 1,660 rand a ton. Meal made from the grain is South Africa’s staple food.

Yellow corn for July delivery dropped 28 rand, or 1.6 percent, to 1,700 rand a ton. The grain is used mainly for animal feed in South Africa.

The gains or losses for the most active contracts of the following crops today were as follows. All prices are in rand and the crops are sold in tons:

             Today’s Price   Previous Close    % Change
Sunflowers       4,395          4,485            -2.0
Soybeans         3,540          3,645            -2.9
Sorghum          1,580          1,550            +1.9

(Source: http://www.bloomberg.com/news/2011-02-16/south-african-wheat-falls-for-second-day-tracking-u-s-prices.html)