Spring wheat futures at the Minneapolis Grain Exchange were up sharply Monday, following a rally in the Chicago market to 30-cent limit gains in the nearby three contracts, traders said. The MGE wheat was unchanged to 26 cents per bushel higher, with December up 26-1/4 per bushel at $5.06 per bushel.
Wheat traders said futures continued to be boosted by shrinking global stocks of wheat and there was renewed talk on Monday that Australia's crop may fall below 10 million tonnes.
Also bullish was news that Ukraine on Monday proposed new grain export quotas to guard against shortages. Ukraine's Agriculture Ministry lowered its 2006 grain harvest forecast to 34.7 million tonnes from a previous figure of 37.16 million.