Cash prices for US soft white wheat in the Pacific Northwest hit a new high for a second day in a row on Thursday amid a rally in wheat futures at the Chicago Board of Trade and strong export demand, wheat traders said.
Elevators were paying farmers up to $7.22 per bushel for wheat delivered in the first half of September, up from $7.04 on Wednesday and up from $3.96 to $3.98 a year ago.
Prices for deferred months rose 17 to 23 cents. Soft white wheat prices were lifted by CBOT September wheat hit a new high of $7.41 per bushel but fell to $7.20 by midday. CBOT December hit $7.54, surpassing the all-time record set in March 1996.
The strength in Chicago spilled over to the Kansas City and Minneapolis wheat markets, with KCBT September hitting a new 11-year high of $6.82 before retreating.