September 6, 2007

CBOT September wheat sets new all-time high

US wheat futures Wednesday (September 5) surged to fresh all-time highs and traded limit up in contracts at all three exchanges as end users scrambled to cover their needs amid dwindling world supplies, analysts said.

Chicago Board of Trade (CBOT) September wheat set a record high of US$8.55 per bushel, exceeding the previous high of US$8.37 set in overnight electronic trading. The contract, which is not bound by the typical 30-cent daily trading limit because it is in delivery, trimmed gains a bit after the opening and was up 39 cents at US$8.46.

CBOT December wheat soared 30 cents to US$8.35 1/2. Kansas City Board of Trade December wheat was up 30 cents at US$7.91 1/4, and Minneapolis Grain Exchange December wheat was up 30 cents at US$7.71 1/2.

Contracts at the three grain exchanges Tuesday had settled limit up and set all-time highs.