Hard Red Winter Wheat Contracts Rise 30-Cent Limit Close Above $7.60 - CBOT Price Touches $8.11

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At the Kansas City Board of Trade, the March contract closed up the 30-cent-a bushel limit at an all-time exchange high of $7.63½ a bushel. The December contract also ended up the limit, closing at a new contract high of $7.61¼.

In Chicago, the September contract reached an all-time high of 8.11¼ early in the day but closed below that level.

Export demand for U.S. wheat remained strong amid concern about tight global supplies. Japan is in the market for 175,000 metric tons of wheat, some of which was expected to come from the U.S.

But Jeff Dance, market analyst with Country Hedging Inc. in Kansas City, said much of today’s gain came on news that India bought 795,000 metric tons of wheat. Although the wheat did not come from the U.S., the purchase did result in a further tightening of global supplies.

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http://www.kansascity.com/382/story/260243.html