Grains rose on Thursday after European leaders agreed on a plan to solve the region's debt crisis, with wheat up more than 3 percent in a day of risk-on trading. Corn and soyabeans gained more than 2 percent. European leaders agreed to boost the region's bailout fund and struck a deal with banks and insurers to accept 50 percent losses on Greek bonds.
Investor euphoria over the deal tumbled the dollar index by 1.7 percent - its biggest drop since March 2009. This helped lift a broad range of commodities including oil, which rose more than 3 percent. "The dollar continues to weaken, and so we are taking another run up to the top," said Terry Linn with the Linn Group, a Chicago brokerage. At the CBOT as of 12:17 pm CDT (1717 GMT), December wheat was up 24 cents at $6.43-1/2 per bushel. Most-active January soyabeans were up 28-3/4 cents at $12.48-1/2 per bushel and December corn was up 15-1/4 cents at $6.52-1/2 a bushel.
December corn triggered buy-stops as it pushed through chart resistance at its 200-day moving average at $6.50. Earlier, grains had backed off session highs and corn threatened to turn lower, with December corn dipping within a half cent of Wednesday's settlement, on profit-taking and farmer hedge-related selling.
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