Wheat futures at the Chicago Board of Trade soared to fresh 11-year highs above $6 per bushel early on Thursday on concerns about US harvest delays, tight world supplies and technical momentum, traders said.
As of 10:50 am CDT (1550 GMT), July wheat was up 23 cents, nearly 4 percent, at $6.12-1/2 per bushel, after reaching $6.18, the highest spot wheat price since spring 1996. Back months were up 20-1/2 to down 5-3/4 cents.
Much of the early buying stemmed from screen-based trade. In the open-outcry pit, Man Financial bought 400 July and Fimat USA bought 300 September, traders said.
Bullish moves were noted in wheat options as well. At the Kansas City Board of Trade, spot July hard red winter what was up 21-1/2 cents at $6.10, an 11-year high, after leading Chicago wheat early in the session. Minneapolis Grain Exchange July spring wheat was up 11 cents at $5.92.