Chicago agricultural commodities settle mixed

Chicago Board of Trade (CBOT) grains futures closed mixed on Thursday with soybean futures hitting a near two-week high on Thursday on bargain buying after the front contract this week fell to its lowest level in a year, and as traders shifted their attention to U.S. planting prospects.

Corn also rose as investors covered short positions ahead of a long holiday weekend, while wheat fell on forecasts for more beneficial rains in the southern Plains.

The most active corn contract for May delivery rose 2 cents, or 0.54 percent, to 3.71 dollars per bushel. May wheat delivery fell 3.5 cents, or 0.81 percent to 4.2975 dollars per bushel. May soybeans added 7.75 cents, or 0.82 percent, to 9.555 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.06 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 72 points lower.

Cory Bratland, Kluis Commodities chief grain strategist, says that the market rally is spurred by Fund buying as the negative crop report Tuesday just did not have the follow through most had hoped.

"Continued strong demand, as we had yet another solid week of weekly export sales, is also adding some support. Regarding the soybean market, the key price reversal we got this week, in which we made a new low and then closed not only higher but will likely close above last week's high, is very positive for the charts," Bratland says. Endit