The September wheat futures contract on the Chicago Board of Trade rose 32 cents at midsession on Thursday to $7.74 per bushel, the all-time high for a CBOT front-month wheat contract, traders said.
The normal daily limit on wheat is 30 cents above or below the previous day's settlement price, but limits are lifted on first position day for the front, or spot, contract. For September, Thursday is first position day. The CBOT wheat market was surging on tight global wheat supplies and strong export demand.