Chicago Board of Trade wheat futures rose about 3% on Monday, with the spot December contract reaching its highest level in a month on a mix of short-covering and support from firming US and global cash prices, traders said.
CBOT December soft red winter wheat settled up 15-3/4 cents at $5.31 per bushel after reaching $5.32-1/2, its highest since October 21.
K.C. December hard red winter wheat ended up 11-1/2 cents at $4.35-1/2 a bushel and MGEX December spring wheat rose 5-1/2 cents to finish at $4.98-1/4.
Commodity funds hold a net short position in CBOT wheat, leaving the market prone to short-covering rallies.
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