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Grain futures soar on CBOT

April 27, 2012 at 3:59 PM

CHICAGO, April 27 (UPI) -- A large sell-off in the U.S. dollar, cold temperatures and buying by China sent grain futures soaring Friday on the Chicago Board of Trade.

Corn was up 2 1/2 to up 29, soybeans were up 7 3/4 to up 15 1/2, wheat was up 12 1/2 to up 16 1/4 and oats were up 1 1/4 to up 2 1/2.

Tight U.S. cash markets and active buying by China sent corn soaring. The USDA said the 1.56 million-ton sale was the biggest one-day sale since 1991. Temperatures in the 20s in Indiana also added to the positive tone. Soybeans rallied to a new contract high on strong cash sales and buying from China, despite continued concerns over the size of the South American crop. Wheat finished the week up 27 cents, finding support in corn and cold weather.

The prices:

Corn: May 6.53 up 29, Jly 6.25 1/2 up 18, Sep 5.51 up 2 1/2, Dec 5.38 3/4 up 3 3/4.

Soybeans: May 14.96 3/4 up 15 1/2, Jly 14.93 1/2 up 13 1/4, Aug, 14.66 3/4 up 13 1/2, Sep 14.10 up 7 3/4.

Wheat: May 6.42 1/4 up 16 1/4, Jly 6.50 up 14 1/2, Sep 6.62 3/4 up 14, Dec 6.84 1/4 up 12 1/2.

Oats: May 3.35 3/4 up 2, Jly 3.41 3/4 up 1 1/4, Sep 3.44 3/4 up 1 3/4, Dec 3.49 1/2 up 2 1/2.

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