CHICAGO, May 1 (Xinhua) -- CBOT agricultural futures rose sharply last week and are expected to keep rising in the coming weeks, Chicago-based research company AgResource noted.

AgResource maintains a bullish outlook, believing the rise of agricultural futures may last into midyear. As to how high grain prices rise will be, it will depend on Northern Hemisphere weather.

U.S. corn prices rocketed higher and set a 8.5-year high. May corn futures reached 7.40 dollars on Friday as end users scramble for supply. China continues to load out U.S. corn with Monday's U.S. Department of Agriculture (USDA) weekly export total likely to range from 70-75 million bushels.

AgResource expects that China will ship out most of its 510 million bushels of U.S. corn purchases.

The weekly chart shows that corn prices have surged more than 1.50 dollars per bushel in just 2 weeks with the only remaining resistance being 7.80-8.00 dollars.

Amid a May corn future that is nearing 7.50 dollars per bushel, new crop corn futures at 5.50 dollars or less appears too cheap. AgResource looks for strong support on any correction in December corn to 5.30 dollars and below.

U.S. wheat futures posted another week of strong gains amid surging world feed prices. Yet, the noncompetitive position of U.S. wheat in world trade is causing U.S. futures to be more reluctant to rally. EU, Black Sea, and even South American wheat values are undercutting U.S. wheat export opportunities.

The world rally is causing farmers in Argentine to consider seeding near record winter wheat area due to extremely profitable margins and improved soil moisture.

Nearby, U.S. wheat futures will be paying close attention to North American weather into mid-May with an ongoing drought pushing Chicago wheat to 8-8.50 dollars.

Soybean futures marked another strong weekly close and the highest monthly close since September 2012. Short covering ahead of first notice day in May, along with rising cash basis bids from Midwest crushers, offered support.

Soybean planting progress advanced to 8 percent complete last week, just behind the record set in 2012. Scattered storms through the week temporarily disrupted progress regionally. But planters have been running hard across the U.S. Midwest and Delta states. AgResource estimates that 26-31 percent of the soybean crop will be planted by Sunday.

AgResource's long term price target for soybean was reached last week. A very wide-ranging market in old-crop futures is expected to unfold. However, the need for additional acres and at least trend yields is critical which will underpin new crop. AgResource stays bullish on new crop soybean prices with support offered at 13.00 dollars. Central U.S. weather will lead to heightened price volatility and determine if new highs are warranted. Enditem

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