Chicago soybeans, corn lower, wheat higher on short-covering

Chicago Board of Trade corn, soybeans futures closed lower on Friday, and wheat bounced back from its three-session losses on technical buying.

The most active corn contract for May delivery lost 0.25 cents, or 0.06 percent, to close at 3.91 U.S. dollars per bushel. Wheat for May delivery gained 8.5 cents, or 1.70 percent, to close at 5. 0775 dollars per bushel. May soybeans fell 7.25 cents, or 0.74 percent, to close at 9.6725 dollars per bushel.

May corn was almost unchanged on Friday, while soybeans prices moved lower for a fourth straight session as investors were in a wait-and-see mood after Brazilian truckers and the government agreed to postpone meeting until April 22, indicating no traffic disruption for at least the next three weeks.

Wheat saw some short-covering buying Friday after posting a loss of 6.5 percent during the past three days.

"Funds continue to hold a near record short position on the Chicago wheat market and periodic short covering will be feature until the position is pared down," said AgResource company, a Chicago- based agricultural research institute.

AgResource also noted that cheaper supplies of corn, wheat and soybeans outside of the United States will cap rallies. The U.S. Department of Agriculture will issued an report on corn planting progress across the southern U.S. on Monday afternoon.

For the week, the most active corn contract for May delivery added 1.56 percent, May soybeans lost 0.67 percent, whereas wheat for May delivery shed more than 4 percent. Endite