US wheat futures surged 4.6 percent in early trading at the Chicago Board of Trade on Thursday, touching their highest level in 13 months on concerns that hot weather in Europe will damage the developing crop there, traders said. Corn and soyabean futures likewise rose, buoyed by the rally in wheat as well as concerns about crop stress in the US Midwest during the next few weeks amid forecasts for high heat and humidity.
At 9:37 am CDT, CBOT September soft red winter wheat was up 29 cents at $5.88 a bushel. CBOT September corn rose 7-3/4 cents to $3.92 and CBOT August soyabeans were up 13-3/4 cents at $10.11-1/4.
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