Corn futures sharply higher on CBOT

Grain futures shot sharply higher Friday on the Chicago Board of Trade on news of record corn plantings that could help help replenish dwindling supplies Corn was up 16 to up 40, soybeans were up 47 to up 49 3/4, wheat was up 45 1/4 to up 48 1/4 and oats were up 2 1/4 to up 7 1/2. USDA estimated this year's corn plantings for 2012 at 96 million acres, which would be the highest level of corn planted in 75 years, analysts said. The May future was limit up at 40 cents higher and July was just short of the limit. Demand for corn is expected to be high this year, analysts said. Soybean futures reacted to USDA's planting estimate of 74 million acres, down from a February estimate of 75 million acres. Wheat plantings are estimated at 56 million acres, down from February's 58 million acres but up 1.5 million acres from 2011. The prices: Corn: May 6.44 up 40, Jly 6.43 1/4 up 39 1/2, Sep 5.63 1/4 up 17 1/2, Dec 5.40 1/4 up 16. Soybeans: May 14.03 up 47 1/2, Jly 14.08 1/4 up 47, Aug 14.00 1/2 up 49 3/6, Sep 13.76 up 49 3/4. Wheat: May 6.60 3/4 up 48 1/4, Jly 6.74 up 46 3/4, Sep 6.90 up 45 1/2, Dec 71 1/4 up 45 1/4. Oats: May 3.41 1/4 up 5 3/4, Jly 3.42 up 6 3/4, Sep 3.40 up 7 1/2, Dec 3.44 up 5 3/4, Mar 3.44 1/4 up 2 1/4.