US wheat futures closed up the 60 cents per bushel daily trading limit on Friday on spillover support from soaring corn and soyabeans after the release by USDA of bullish production and stocks numbers for each. CBOT December up 60 cents at $7.19-1/4 a bushel. Wheat options indicated no synthetic trade for December.
Volume near 72,000 contracts, about even with the 30 day average near 73,000. Spot wheat rose as much as 9.1 percent, its biggest percentage gain since September 15, 2009. USDA cut its 2010/11 world wheat ending stocks forecast by 3.13 million tonnes and lowered its world wheat production estimate. USDA put US 2010/11 US wheat ending stocks at 853 million bushels, below an average of analyst estimates for 873 million. Euronext grain futures surge on USDA report. Dry weather noted through much of the US SRW wheat region and the western HRW belt.
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