Grain futures on the Chicago Board of Trade rallied early Friday, with late-morning fund and commercial buying sending May corn, soyaoil and rough rice futures to their daily upside limits, traders said. The push to higher ground began early as traders covered short positions amid indications of continued export demand.
Buy stops were hit on the way up in March wheat futures at the 100-day moving average of $7.69. Stops also were noted in March corn at $6.96. Prices had sold off sharply this week amid geopolitical turmoil in oil-producing nations in the Middle east and North Africa. CBOT trends as of 11:10 am CST (1710 GMT) on Friday: May wheat up 39-1/2 cents at $8.22 per bushel. May corn up 24 cents at $7.20-1/2 per bushel. May soyabeans up 45 cents at $13.74-1/4 per bushel.
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