Soft red winter wheat futures on the Chicago Board of Trade were higher early on Tuesday as a drop in weekly US wheat ratings and talk of frost in the US Plains spurred fund buying, traders said.
Traders also noted spillover strength from the metals and energy markets, with gold soaring to a 25-year high at $700 an oz.
As of 10:25 am CDT (1525 GMT), CBOT July wheat was up 4-1/2 cents at $3.80 per bushel, with deferred months through 2007 up 2 to 4-3/4 cents. Contract highs were set in some back months for 2007 and 2008 delivery.
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