Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) grains futures close mixed on Friday, with corn and wheat recovering from multi-month lows, bolstered in part by investor short covering.

The most active corn contract for March delivery rose 4.75 cents, or 1.39 percent, to 3.4725 dollars per bushel. March wheat delivery added 8.75 cents, or 2.21 percent, to 4.4025 dollars per bushel. January soybeans fell 2.25 cents, or 0.22 percent, to 10.275 dollars per bushel.

Wheat prices jumped after notching a three-month low in the previous session as hedge funds and other large investors bailed out of bearish bets on the crop, boosting prices.

Short-covering in the wheat market snapped a seven-day slide in prices brought on by massive domestic and world supplies of the grain.

Analysts said traders expect government data due out Friday to show speculative investors have grown significantly more pessimistic about wheat prices, fueling moves to close bets that prices have further to fall in case the market stages an unexpected rally.

Corn benefited from strength in the wheat market as well as investor short-covering and speculation over improving demand for dried distiller's grains, an ethanol byproduct fed to animals.

Soybean prices declined for the fourth consecutive session, continuing to reverse a seven-day run-up in prices for the oilseeds.

Although traders are eyeing weather forecasts in Argentina for signs that dryness there could curb crop yields for a major U.S. competitor, analysts said many are optimistic over South American crops, which compete with domestic rations in global markets. Endit