CHICAGO, Illinois (Agriculture Online) -- It's being called a day to remember forever, or at least until the markets go even higher Monday, traders say following a wild day on the Chicago Board of Trade.

Following bullish USDA data released on Friday, the CBOT futures surged higher for corn, soybeans and wheat.

The corn pit saw one contract hit a 12-year high, while the March and July soybean contracts surpassed $13 for all-time highs. Many of the soybean oil contracts hit records. Plus, wheat futures hit limit-up. Once many of the futures contracts were locked, volume shifted to the options and synthetics trading.

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Vic Lespinasse, Illinois Grain, has been trading on the CBOT floor for over three decades. The veteran trader says it's a day to remember.

"The bulls are euphoric," Lespinasse says. "The acreage race is what's really behind all of this. Corn is trading 20-some cents higher, so you have to rally the beans to keep up with the corn."

The losers in this are obvious, Lespinasse says. "With USDA raising the feed-usage numbers in their report, is raising the concern of a corn shortage. This is killing the livestock producers, and the ethanol producers. But, as long as the 'longs' keep making money they will keep running this market up by buying. I don't know where this ends."

Matt Pierce, a floor wheat trader for Futures International LLC, says he had one of his hardest working days trading. A good tough though, he says.

"From what I saw, my people did extraordinarily well today trading. We are long corn, so we are sitting on those positions. We took a lot of profits against our wheat positions today. My upside $10 calls in the March contract I sold everything I had.

Pierce adds, "This wild market returns for a second showing next week. These USDA numbers are significant enough to affect us until we can get to the corn and bean acreage report on January 31."

Laurie Calhoun, floor analyst for Penson GHCO, says this higher market could last awhile. Calhoun says the big picture indicates this market movement is all about Wall Street money flowing into the market and the acreage battle.

"We'll see highs put in for a week or two. Plus, keep in mind we haven't even traded a weather market yet," Calhoun says. "And we supposedly are in a La Nina year."

Calhoun adds, "These guys that have money in this market are not willing to pull it yet. And if they do they will by it back."