Meanwhile, soybean and corn prices remained supported by ongoing fears over dismal crop conditions in the U.S. Midwest and Great Plains-region.
On the Chicago Mercantile Exchange, wheat for December delivery traded at USD9.0762 a bushel, adding 0.25%.
Earlier in the day, the December contract rose by as much as 0.35% to hit a session high of USD9.0813 a bushel, which was the strongest since August 10.
Wheat futures surged more than 3% Wednesday as market participants looked ahead to a meeting of the Russian Agricultural Ministry on Friday, amid growing fears the country will implement a limit on grain exports.
Influential Russian industry group SovEcon said earlier in the month that Russia's exportable grain surplus of 10 million to 11 million tonnes could run out by November if the country retains a high pace of exports.
According to the firm, Russian wheat stocks totaled 10.61 million tonnes as of August 1, down 30% from a year earlier and the lowest since 2003, as the country suffered from drought-like conditions.
In 2010, Russia barred grain exports amid a severe drought.
Russia is a major wheat exporter and competes with the U.S. for business on the global market. Large Russian crop prospects could weigh on demand for U.S. supplies, which is the world’s third largest wheat producer and biggest exporter.
Elsewhere, soybeans futures for November delivery traded at USD17.4900 a bushel, dipping 0.25%. The November contract was stuck in a tight trading range of USD17.3530 a bushel, the daily low and a session high of USD17.5012 a bushel.
Prices touched a record high of USD17.7762 a bushel on July 20.
Soy futures have gained sharply in recent weeks, as the same hot, dry weather that boosted corn buoyed soy futures as well. Soybeans are grown in many of the same regions across the U.S. as corn.
Weekly data from the U.S. Department of Agriculture released earlier in the week showed that U.S. soy crop conditions remain at the lowest levels since 1988 for this time of year.
Ongoing expectations that demand from top consumer China will remain strong in the near-term further supported the oilseed.
China is the world’s largest soybean consumer, accounting for nearly 60% of global trade of the oilseed.
Meanwhile, corn futures for December delivery traded at USD8.1588 a bushel, gaining 0.4%. The December contract rose by as much as 1.15% earlier in the session to hit a daily high of USD8.1688 a bushel.
Front-month prices touched an all-time high of USD8.4237 a bushel on August 10.
Only 22% of the U.S. corn crop was rated in ‘good’ to excellent’ condition as of last week, down from 23% the previous week and below the 54% recorded in the same week a year earlier.
The share of the U.S. corn crop that was rated ‘poor’ to ‘very poor’ rose 1% from a week earlier to 52%.
The U.S. produced 38% of the world's corn last year, making it the both world's largest corn producing nation and the largest exporter of the grain.
Escalating concerns over the impact of the worst drought in at least 56 years in the U.S. Midwest and Great Plains-region have fuelled a furious rally in grain prices over the past two months.
Corn prices have surged nearly 55% during the period, wheat futures soared approximately 40%, while soy prices added 30%.
Grain traders awaited weekly export sales data from the U.S. Department of Agriculture later in the day to gauge the strength of global demand for U.S. supplies.
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