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Grain futures close higher Monday

April 30, 2012 at 4:13 PM

CHICAGO, April 30 (UPI) -- Funds set the tone on the Chicago Board of Trade Monday with buying that sparked a late rally, offsetting a bearish crop progress report.

Corn was up 4 1/2 to up 9 3/4, soybeans were up 6 1/4 to up 17, wheat was up 3 3/4 to up 5 1/2 and oats were up 1 to up 3 3/4.

Funds bought 10,000 corn contracts, 50 million bushels, which offset a crop progress report showing 28 percent of the corn crop planted, compared with a historic average of 15 percent for this time of year.

Farmers report 42 percent of the winter wheat crop has headed out, compared to a five-year average of 15 percent, which kept gains in wheat prices in check. The U.S. Department of Agriculture said 6 percent of the soybean crop is planted, ahead of averages. Outside forces also kept gains muted for soybeans Monday.

The prices:

Corn: May 6.60 1/4 up 7 1/4, Jly 6.34 1/4 up 8 3/4, Sep 5.60 3/4 up 9 3/4, Dec 5.43 1/4 up 4 1/2.

Soybeans: May 15.03 up 6 1/4, Jly 15.05 1/2 up 12, Aug, 14.83 3/4 up 17, Sep 14.24 1/2 up 14 1/2.

Wheat: May 6.47 3/4 up 5 1/2, Jly 6.54 1/2 up 4 1/2, Sep 6.66 1/2 up 3 3/4, Dec 6.88 up 3 3/4.

Oats: May 3.36 3/4 up 1, Jly 3.45 1/2 up 3 3/4, Sep 3.48 up 3 1/4, Dec 3.52 up 2 1/2.

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