Wheat prices jump to two-month high Grain traders adjusted their positions ahead of Monday's quarterly inventory report from the US government, pushing wheat to a two-month high. Corn and soyabeans, however, were only modestly higher amid nervous trading. Wheat prices jumped almost 6 per cent on the week as traders with bearish bets scrambled to cover their positions ahead of next week's US Department of Agriculture's stocks report. CBOT December wheat was trading at $6.84 a bushel as strong demand from China and Brazil and concerns about the harvest in Argentina pushed prices higher. The bull case was further supported by China's announcement it was maintaining import quotas for 2014 at 9.6m tonnes, suggesting that the country will continue to be the second largest wheat importer after Egypt. Larger export sales from the European Union and bad weather in the Black Sea region also supported the wheat market. Meanwhile, the markets chose to largely brush off an upward revision for global wheat production this week from the International Grains Council. The IGC raised its projection by 2m tonnes for the 2013-14 crop year to 693m tonnes, up 6 per cent from the year before on larger crops from the Black Sea region and the EU. Consumption is expected to rise by 2 per cent year-on-year to 687m tonnes. Trading remained choppy ahead of Usda's quarterly report. The survey has been closely watched over the past few years as the numbers have often surprised traders and investors, triggering volatility on the grains markets. The consensus view is a bullish figure for wheat and soyabeans while the numbers are expected to confirm the bearish outlook for corn, which is expected to see a record harvest this year. For wheat, some analysts expect the quarterly survey on Monday to reflect higher than normal demand from livestock producers in the face of tight corn stocks, which have affected wheat usage and stocks. Chris Gadd, an analyst at Macquarie in London, said: "We forecast for wheat feeding to have been historically strong during the June-August period and in line with last season," as wheat was trading at a discount to corn in the cash markets throughout the summer. Soyabeans finished the week almost flat, up 0.6 per cent at $13.21 a bushel while corn was up 0.2 per cent to $4.56 a bushel. Much of the focus was on the production yield for the crops, said analysts. Richard Feltes, vice-president of RJ O'Brien in Chicago, said the "fresh wave of updated harvest reports, the latest of which suggest that Usda is understating both corn and soy production," is leading analysts and traders to adjust their 2013 US corn yield expectations.