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Corn, Soybeans Surge to Major Highs on USDA Data

03/31/2014 @ 3:15pm

Corn futures settled at their highest level in seven months Monday after U.S. government data revealed that U.S. farmers intend to plant less of the grain than previously expected.

Data from the U.S. Department of Agriculture on planting and stockpiles also lifted soybean futures to their highest level in about six months. Wheat also gained.

Chicago Board of Trade corn futures expiring in May settled 10 cents, or 2%, higher at $5.02 a bushel, the highest settlement since Aug. 29, according to data from CQG.

CBOT May soybean futures closed up 27 1/2 cents, or 1.9%, at $14.64 a bushel. A weekly USDA report showed that exports of the oilseeds were picking up, offsetting slightly higher-than-expected soybean stockpiles and acreage outlined Monday.

CBOT May wheat futures rose 1 3/4 cents, or 0.3%, to $6.97 1/4 a bushel.


Write to Jacob Bunge at jacob.bunge@wsj.com
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(END) Dow Jones Newswires
March 31, 2014 15:02 ET (19:02 GMT)
DJ USDA Reports Lift Corn, Soybeans to Highest Close in Months->copyright