Wheat futures on the Chicago Board of Trade climbed on Friday as crude oil soared to record highs and as the dollar fell sharply, traders said. The December contract on Thursday fell into and filled a 10-cent chart gap that was left on charts in early September, then recovered - a bullish technical signal.
At 10:23 am CDT (1523 GMT), CBOT wheat was up 3-3/4 to 10-1/2 cents, with December up 3-3/4 at $8.05-3/4 per bushel. Export activity overnight was quiet and routine, with South Korea buying 25,000 tonnes of US wheat. Technical support for the December contract was put at $8.00 with resistance at $8.11-1/2.