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South Africans are going to have to dig deeper into their pockets when they buy wheat or grain related products going forward.
The price of wheat is up 35% since the start of May to R3529 per tonne this afternoon. The price of white maize is up 33% since middle June to R2700 per tonne this afternoon, a fresh record high.
Massive money printing the world over, coupled with the worst drought in the US since 1988 are driving these soft commodity prices through the roof.