Who's gonna be buying it? Commercial users and processors. The speculators will just coat-tail along for the ride.
In the nineteen seventies soybeans locked limit for over twenty days. Draw your own conclusions whether it is worth fighting markets like that. They may be a condition when one morning (not necessarily Wheat this time) the front month will be up the equivalent of several limits so the second month will be locked limit for days, and if the front advances more it can go on for a while. Hedging with options is possible but not practical because they are priced for the new level and executions are atrocious because of market conditions. GC
http://www.reuters.com/article/marketsNews/idUKN1126691920070911?rpc=44 If these guys can keep getting price increases through to the customer, there's no reason wheat can't keep moving.