US MIDDAY: wheat up on stocks data

Chicago Board of Trade wheat futures surged more than 4 percent by midsession on Friday following the release of bullish USDA crop and stocks data, traders said.
Funds were buying wheat futures and floor sources said much of the fund demand was short covering. Funds have been heavily short CBOT wheat and long KCBT and MGE wheat futures. Pit sources said FIMAT Futures and Rand Financial had bought "several thousand lots" of December. CBOT wheat was up 11 to 15-1/2 cents per bushel. December was up 15 at $3.48-1/2 per bushel.