Chicago agricultural commodities close mostly higher

Chicago Board of Trade agricultural commodities closed mostly higher Friday, with corn and soybeans rising, and wheat ending a seven-session losing streak.

The most active corn contract for March delivery rose 7 cents, or 1.84 percent, to close at 3.87 U.S. dollars per bushel. Soybeans for March delivery increased 0.75 cent, or 0.08 percent, to close at 9.9175 dollars per bushel. March wheat was unchanged, settling at 532.75.

All three major commodities snapped he losing streak Friday amid higher crude oil and stocks ahead of the three-day weekend for Martin Luther King Jr. Day on Monday.

March corn jumped almost 2 percent Friday, rebounding from a nearly two-month low on support from short covering, increasing export demand and trimming declines from earlier this week.

The gains in wheat were repelled as analysts note that Ukraine has sold seven to eight cargoes of wheat to South Korea for spring delivery, at prices below U.S. wheat.

Moving forward, markets are expected to be range bound into planting. The broad themes will be intact, including a surging U.S. dollar, very cheap energy prices, and weak currencies across the globe, all favoring non-U.S. acreage expansion in spring crops. Analysts still suggest soybeans hold the most downside risk as Western Hemisphere stocks/use will surge in a matter of weeks.

The weather forecast shows rain will begin again across the upper part of Brazil through the following weeks. This is good news for the soybeans crop as it is just entering its critical growth stage. Endite