US grain futures soared on Wednesday to their highest levels in at least two weeks, with corn surging 4 percent, on track for its fifth daily rise and the longest rally since December. The gains came as commodities staged a broad rally, with oil surging 3.6 percent past the key $100-a-barrel mark and gold crossing $1,500 an ounce.
Chicago Board of Trade July wheat surged through key resistance points at 50- and 200-day moving averages as the nearby contract rose 5.8 percent to $8.08-1/4. At 11:32 am CDT, US July corn was up 3.6 percent at $7.46-1/2 a bushel, and soyabeans for July delivery rose 2.5 percent to $13.74-3/4 a bushel, pushing through chart resistance at its 50-day moving average.
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