Grain futures closed higher on the Chicago Board of Trade Thursday after the U.S. Department of Agriculture released a supportive planting forecast report.
Corn was up 30, soybeans up 33 3/4 to up 38 1/4, wheat was up 36 to up 37 3/4 and oats up 16 to up 18.
The USDA said farmers intend to plant more corn and wheat but slightly less soybeans in 2011.
The Prospective Planting report said corn planting would rise by 5 percent to 92.2 million acres. Wheat planting would rise by 8 percent to 58 million acres. Soybean farmers expect to plant 76.6 million acres in 2011, a drop of 1 percent from a year ago.
Traders had expected larger estimates, which pushed prices higher across the board.
The prices:
Corn: May 6.93 1/4, Jly 7.01, Sep 6.55 1/4, Dec 6.25 1/4 -- all up 30.
Soybeans: May 14.10 1/4 up 38 1/4, Jly 14.21 up 38 1/4, Aug 14.19 1/4 up 37 1/2, Sep 14.06 1/4 up 33 3/4.
Wheat: 7.63 1/4 up 36, Jly 7.99 1/4 up 36, Sep 8.38 up 36 3/4, Dec 8.66 1/2 up 37 3/4.
Oats: May 3.67 1/4 up 17 3/4, Jly 3.76 up 18, Sep 3.83 1/4 up 17, Dec 3.92 3/4 up 16.
