Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) grains futures settle mixed on Thursday with wheat futures rising more than 1.8 percent to their highest in nearly six weeks on a round of short-covering after weakening overnight.

Corn also firmed, extending its winning streak to five days. Strength in wheat lent support to the yellow grain while soybeans eased on a round of profit taking.

The most active corn contract for March delivery rose 1.5 cents, or 0.42 percent, to 3.6125 dollars per bushel. March wheat delivery added 7.75 cents, or 1.85 percent, to 4.2625 dollars per bushel. January soybeans fell 2.75 cents, or 0.27 percent, to 10.125 dollars per bushel.

Wheat notched its fourth day of gains in five sessions, a rally that has been fuelled by speculative buying despite a glut of supplies both globally and domestically.

Wheat also found technical support after the benchmark Chicago Board of Trade March soft red winter wheat contract retreated to its 50-day moving average during the overnight trading session.

The soybean market is weighing up forecasts for bumper harvests in South America against potential weather setbacks, including heavy rain that has disrupted late planting in Argentina.

Argentine farmers are expected to plant 19.3 million hectares with soybeans, the Buenos Aires Grains Exchange said on Thursday, lowering its previous 19.6 million hectare estimate due to excessive dryness in southeast Buenos Aires province.

A falling dollar, which makes U.S. commodities more attractive to investors looking for a hedge against inflation, also helped corn and wheat. Wheat is typically the agricultural commodity most affected by dollar fluctuations. Enditem