Nearby wheat futures on the Chicago Board of Trade were sharply higher early on Tuesday, buoyed by tight supplies of old-crop wheat, traders said. But the spot March spring wheat contract on the Minneapolis Grain Exchange fell $2.50 to $21.50 per bushel, retreating from an all-time high set Monday at $25. The MGE March contract was trading without limits.
Trade was volatile. As of 9:39 am CST (1539 GMT), CBOT March wheat was up 33 cents at $11.42-1/2.