Wheat surged to a record in Chicago as prices seesawed from the biggest gain ever to the largest decline and then back again.
Wheat futures rose more than 25 percent from today's low to their high, a gain that was bigger than all but seven annual price increases for the grain since 1973 on the Chicago Board of Trade. The volatility increased the potential profit and loss on every transaction, discouraging some traders.
Wheat has more than doubled in the past year, reaching a record high seven times this month, as the world's farmers failed to keep pace with rising demand, eroding inventories.
