Yes. Actually, it does not seem to work to wrap around anything. It seems the button for "wrap around object shape" is not working. NO matter what the object is, that control does the same thing as "wrap around boundary box". What is the problem. Is my CS6 corrupted? I tried restarting the computer and got the same problem. This should be easy but it does not work.
Try restarting ID and start a new document. Draw a text frame, fill it with placeholder text. Draw a circle. Click the wrap button indicated in the screen shot. Does it now work?
You may need to reset your preferences.
If that fixes it for new documents but not your working document, it may be corrupted.