US MIDDAY: grains hit new highs

Wheat futures on the Chicago Board of Trade rallied 2 percent on Tuesday, rising above $8 a bushel for the first time since August on wheat sales to Egypt, traders said. Wheat also gained ground versus corn on intermarket spreading. Corn set a 29-month-high spot price, continuing its Monday rally linked to hot and dry conditions in Argentina.
Soyabean futures extended their rally, climbing to the highest spot price in more than 27 months on concerns about the Argentine weather. CBOT trends at 10:51 am CST (1651 GMT) on Tuesday: March wheat up 16 cents at $7.96-1/4 per bushel. March corn up 7 cents at $6.22-3/4 per bushel. January soyabeans up 6 cents at $13.79 per bushel.