Grain futures soar Friday on CBOT

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CHICAGO, June 22 (UPI) -- Grain futures soared Friday on the Chicago Board of Trade amid beliefs USDA crop yield predictions would be reduced.

Corn was up 1 to up 4 1/2, soybeans were up 2 3/4 to up 4 1/4, wheat was up 5 1/2 to up 11 1/2 and oats were up 1 1/2 to up 14 1/2.

Despite sluggish international demand and poor ethanol margins, corn moved higher on beliefs the USDA yield estimate of 166 bushels per acre would have to be revised downward.

Soybeans were higher but still well off season highs as world financial markets provided support for commodities and the Argentine government reduced its soybean production estimate to 40.3 million tons, down from the USDA estimate of 41.5 million.

Short-covering sent wheat higher.

The prices:

Corn: Jly 5.91 up 4 1/2, Sep 5.51 1/4 up 1, Dec 5.54 up 4, Mar 5.65 up 4.

Soybeans: Jly 14.42 1/2 up 4, aug 14.26 up 3, sep 13.94 1/4 up 2 3/4, Nov 13.75 1/2 up 4 1/4.

Wheat: Jly 6.73 1/4 up 11 1/2, Sep 6.87 1/2 up 9, Dec 7.06 3/4 up 6 1/2, Mar 7.23 3/4 up 5 1/2.

Oats: Jly 3.28 3/4 up 14 1/2, Sep 3.04 up 4, Dec 2.97 up 1 1/2, Mar 3.02 up 1 3/4.