Chicago Wheat Price Soars To Record

Thu., March 21, 1996

From Staff And Wire Reports

The crosscurrents of short wheat supplies and futures speculation collided in spectacular fashion at the Chicago Board of Trade on Wednesday as the expiring March wheat contract jumped more than $1 a bushel higher than the previous record set in 1974.

Analysts said the driving force in the price surge was a major commercial grain company, which they identified as Bunge Corp. It was caught short of grain it could deliver and thus had to buy back futures it had sold.

After the March wheat contract jumped $2.43 a bushel, to $7.50, it fell back in a two-minute post-close trading session. In that session, the March contract traded as low as $5.32 and settled at $6.40, up $1.33.

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Chicago Wheat Price Soars To Record

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