Soybeans, wheat climb

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CHICAGO- US soybean futures touched a 6-1/2-week high on Friday, lifted by uneven crop weather in top soy producer Brazil and fresh export demand for US supplies, coupled with a plunge in the dollar that bolstered corn and wheat futures as well.

Chicago Board of Trade (CBOT) January soybean futures settled up 23-1/2 cents at $13.51-3/4 per bushel after reaching $13.55, the contract’s highest price since Sept. 18.

CBOT December corn ended up 7-1/4 cents at $4.77-1/4 a bushel, rallying after a dip to $4.68, a six-week low. And CBOT December wheat finished up 7 cents at $5.72-1/2 a bushel.

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All three commodities got a boost after data showed US job growth slowed more than expected in October, underscoring views that the Federal Reserve may be done hiking interest rates. The dollar index hit a six-week low on the news, making US grains and soy more attractive on the world market.

“(The dollar’s break) helps our competitive posture for exports … That has been something that has been working against us,” said Terry Linn, an analyst with Linn & Associates in Chicago.

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