Meanwhile, soybean and corn prices remained supported by ongoing fears over dismal crop conditions in the U.S. Midwest and Great Plains-region.
Grain traders were also monitoring tropical storm activity in the Gulf of Mexico and southern U.S. states, amid concerns over a disruption to supplies from the region.
The U.S. National Hurricane Center said late Tuesday that the Category-1 hurricane hit the coast of southeast Louisiana as it made landfall. The center expects the storm to move northwest later Wednesday.
On the Chicago Mercantile Exchange, wheat for December delivery traded at USD8.8950 a bushel, surging 1.5%.
Earlier in the day, the December contract rose by as much as 1.55% to hit a session high of USD8.8988 a bushel.
Wheat futures regained strength ahead of a meeting of the Russian Agricultural Ministry on Friday, amid fears the country will implement a limit on Russian grain shipments as the country suffered from drought-like conditions.
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.
Mounting fears over dry weather conditions in Western Australia, the largest wheat producing state in Australia, further supported gains.
Elsewhere, soybeans futures for November delivery traded at USD17.3412 a bushel, climbing 0.7%. The November contract rose by as much as 0.75% earlier to hit a session high of USD17.3488 a bushel.
Prices touched a record high of USD17.7762 a bushel on July 20.
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.
Nearly 30% of the soybean crop was rated ‘good’ to ‘excellent’ as of August 26, down 1% from the previous week and significantly below the 57% recorded in the same week a year earlier.
Ongoing expectations that demand from top consumer China will remain strong in the near-term further supported the oilseed.
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.
Meanwhile, corn futures for December delivery traded at USD8.0438 a bushel, gaining 1.1%. The December contract rose by as much as 1.15% earlier in the session to hit a daily high of USD8.0462 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%.
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