Chicago soybean, corn, wheat higher on weaker U.S. dollar, soaring oil prices

Chicago Board of Trade (CBOT) soybean, corn and wheat futures closed all higher on Friday as a weaker U.S. dollar and surging prices in crude oil, boosting trader's hopes for an uptick in demand for the U.S. crop.

Chicago soybeans led gains as the most active soybean contract for May delivery gained 14.75 cents, or 1.71 percent, to close at 8.785 U.S. dollars per bushel. Wheat for May delivery rose 1 cents, or 0.22 percent, to close at 4.6075 dollars per bushel. May corn delivery added 1.75 cents, or 0.49 percent, to close at 3.5825 dollars per bushel.

Soybean prices rallied strongly on investor short-covering as the Brazilian real rose sharply against the U.S. dollar for the day. Brazil is a major U.S. rival for soybean exports. Analysts said a higher Brazilian real could benefit demand for U.S. soybeans, because a stronger the country's currency makes commodities there less affordable for foreign importers.

Corn futures advanced on Friday, bolstered by the ongoing rally in energy market. Higher prices for crude oil are typically seen as a positive in the corn market, as they often encourage refiners to blend ethanol, a corn-based biofuel, into the nation's gasoline supply, buffeting demand for corn.

The weaker greenback also help sending Chicago grains higher on Friday. The U.S. Dollar Index, a measure of the dollar against six major currencies, fell by more than 0.3 percent in the morning session despite upbeat U.S. employment data, lifting the appeal of dollar-denominated commodities.

For the week, the most active corn contract for May delivery lost 0.35 percent, May wheat added 1.88 percent, while May soybeans gained 1.74 percent. Enditem