Corn prices surged the most since June 2010, wheat had its biggest gain in five months, and soybeans rallied after government forecasts signaled tighter U.S. crop supplies, renewing concerns that food inflation will quicken.
On the Chicago Board of Trade, corn futures for May delivery jumped by the exchange limit of 40 cents, or 6.6 percent, to close at $6.44 a bushel at 1:15 p.m. That was the biggest gain for a most-active contract since June 30, 2010. The advance pared the decline for the quarter to 0.4 percent.
Wheat futures for May delivery rose 7.9 percent to settle at $6.6075 a bushel in Chicago, the biggest gain since Oct. 11. Most-active futures rose 1.2 percent during the past three months.
Soybean futures for May delivery surged 3.5 percent to close at $14.03 a bushel on the CBOT, the biggest gain since Oct. 11. Earlier, the price touched $14.16, the highest since Sept. 12.