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.

• See what's happening on the CME Group floor
  
• Read more: Corn finishes sharply higher
  

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.

(owen.fletcher@dowjones.com)
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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