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Soybeans Set for Biggest Weekly Gain in Months


U.S. soybeans rose on Friday to head for their biggest weekly gain in more than four months, supported by the threat of rain damage to the Argentine harvest, a wave of fund buying and healthy U.S. export demand.

Reuters reports that corn edged lower but was still set for a second consecutive weekly rise after being carried along by the rally in soybeans and increasing dryness in Brazilian corn areas. Wheat, however, was poised for a second weekly fall as the prospect of more rain relief in dry parts of the U.S. Plains maintained a bearish mood about ample global supplies.

The most active Chicago Board of Trade soybean contract was 0.3 percent higher at $9.50-1/2 a bushel by 1158 GMT, putting it up by 3.7 percent over the week, the biggest weekly run-up since early December.

Corn was down 0.3 percent at $3.72-3/4 a bushel but up 2.9 percent over the week. Wheat slipped 0.6 percent to $4.57 a bushel, leaving it down 0.7 percent this week.

Source: USAgNet.com

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