London Wheat Futures Surge

November 2010 London wheat futures surged by a record ten pence a tonne today (it's a record today as nothing else has traded - picky) to an eye-watering GBP113.00/tonne, reports somebody very bored with nothing better to do.

In what brokers are describing as a feeding frenzy, in which eleven lots have traded already and it's not even lunchtime, futures soared to their highest levels since yesterday.

"It's an impressive technical retracement of the one year fibonacci thingy," said one leading chartist.

"As soon as November was 5p up, it triggered a massive wave of computer-generated buying which propelled wheat a further 5p higher just like that," he added excitedly.

"Long term underlying bullish fundamentals could push this market all the way to GBP113.25 quite easily," he concluded.