"A surge in activity has been evident in the wheat pit for at least the past week, spiking on Tuesday to culminate in the largest volume ever in a single day at the Kansas City Board of Trade," said KCBT Chairman Greg O’Brien. "In the past week, the rolling of positions from the March contract into the May and July contracts was a major market feature. And, there was a moderate amount of short-covering by the funds last week, which were net short in the KCBT market. Yesterday, major covering of short positions in fund-related business brought the largest single-day volume in the history of the exchange."
The KCBT wheat futures market saw large-scale gains on Tuesday. The KCBT March contract traded as much as 22 3/4 cents higher before closing up 17 1/2 cents. The May contract traded as much as 25 1/4 cents higher, closing up 23 3/4 cents. The July contract traded as much as 21 cents higher and closed up 19 cents.