Soybeans, corn rise

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CHICAGO- Chicago Board of Trade soybean and corn rose on Friday, extending their recovery from three-year lows set last month, following an uneventful monthly supply/demand report from the US Department of Agriculture (USDA), analysts said.

Hefty global grain supplies and strong competition for export business continued to anchor prices, but the worst of the news may have been factored into prices for the time being, said Rich Nelson, chief strategist at Allendale Inc.

“We’ve been plagued with terrible news over and over, and perhaps we’ve seen the worst of it. I think we’ve hit the low for now,” said Nelson.

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Chicago Board of Trade (CBOT) May wheat settled up 9-1/4 cents at $5.37-3/4 a bushel.

May corn was up 1-3/4 cents at $4.39-3/4 a bushel and May soybeans were up 17-3/4 cents at $11.84 a bushel.

For the week, benchmark corn futures rose 3.8 percent and soybeans rose 2.8 percent while wheat fell 3.6 percent .

Commodity funds hold large net short positions in all three commodities, leaving the markets open to bouts of short-covering. – Reuters

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