US MIDDAY: wheat soars

US wheat futures surged 2 percent on Tuesday on a wave of short-covering sparked by rumours that Russia would impose an export tax on its wheat exports to ensure sufficient supplies at home. Traders were unable to confirm the rumours which, if true, could shift demand to the United States, the world's top wheat exporter, which is facing stiff competition from Black Sea region suppliers such as Russia.
CBOT wheat for March delivery was up 11 cents at $6.30-3/4 while CBOT March corn gained 10 cents to $6.30. CBOT March soyabeans were down 4-1/2 cents at $12.13 after rising more than 2 percent on Monday.