Export news pumps up grain futures
US grain and soybean futures closed higher Thursday, with corn surging amid concerns that yesterday's selloff took prices too low, given tight current supplies.
Speculation that China could buy US corn also supported prices. Market participants unwinding long-soybean/short-corn spread positions also supported corn and limited gains for soybeans.
CBOT May corn ends up 19 1/4c, or 3.2%, at $6.21 a bushel. CBOT May soybeans up 8c at $14.15 3/4 a bushel; May soymeal up $1.30 at $391.90 a bushel; and May soyoil down 0.02c at 55.17c/lb. CBOT May wheat up 14c, or 2.3%, at $6.24 3/4 a bushel; KCBT May wheat up 11 1/2c at $6.37 1/2 a bushel; MGEX May wheat up 9 1/4c at $8.09 1/4 a bushel.
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(END) Dow Jones Newswires
April 19, 2012 14:59 ET (18:59 GMT)
DJ MARKET TALK: Corn Leads US Grain, Soy Futures To Higher Close->copyright