Wheat Surges to Record

Wheat prices were soaring yet again Wednesday as anxious buyers scrambled to secure supplies of the grain.

Benchmark wheat contracts were ahead by 3.7% at nearly $8.36 a bushel in recent action, hitting a record level for a most actively traded contract.

"There is panic among international buyers," says Mike Woolverton, a grains economist at Kansas State University. Earlier in the week, India was reportedly buying 795,000 tons of the wheat at a price of $10.45 a bushel, including the cost of delivery, he explains. ...