CHICAGO: US wheat futures surged on Thursday, led by a 4.1 percent gain in the benchmark Chicago Board of Trade wheat contract, on optimism about a deal between EU leaders to solve the debt crisis in the euro zone, traders said.
* The debt agreement sparked a wave of buying across US commodity markets as the dollar plunged.
* CBOT wheat's jump was its biggest in percentage terms since an 8.1 percent rally on October 11.
* CBOT December closed above its 30-day average for only the second time since early September. Prices topped out at $6.47-3/4 a bushel during the session, still below last week's high of $6.49-1/2.
* CBOT volume of more than 88,000 contracts topped the 30-day average but was still below the 250-day average.
* US Agriculture Department said export sales of wheat were 316,800 tonnes in the latest reporting week, the lowest level in nearly five months. Analysts were expecting export sales between 300,000 and 500,000 tonnes.
* Snowfall and rain late this week in the US Plains will benefit the emerging hard red winter wheat crop. More rain still needed in southern areas.
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