US grains surged on Thursday as investors looked past the nuclear crisis in Japan to a slump in the dollar and strong weekly export sales to take prices sharply higher, with corn locked at its daily trading limit for its biggest gain in nearly five months.
Trading in corn futures was at a virtual standstill, after the benchmark May contract and several other deferred months rose by the 30-cent limit set by the exchange. Traders said the rally in corn was helped by rumours that China bought corn from the United States, traders said.
At 11:18 am CDT, May corn futures remained up their 30-cent trading limit, nearly 5 percent higher on the day, at $6.46-1/2. Pit sources said May corn was trading synthetically at $6.54-1/2. CBOT May wheat futures were last up 55 cents a bushel at $7.17. May soybean futures were 58-1/2 cents a bushel higher at $13.45-1/2.
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