Nearby wheat futures on the Chicago Board of Trade turned higher by midday on Friday on short covering, following as deferred contracts representing the new 2008 crop rose to contract highs, traders said.
CBOT wheat drew strength from a surge in Minneapolis Grain Exchange spring wheat futures, where the spot December spring wheat contract roared to an all-time high at $9.74-1/2 per bushel on bull-spreading. As of 11:59 am CST (1759 GMT), CBOT December wheat was up 12 cents at $8.81 and new-crop July was up 20-1/2 at $7.67.