GRAINS-Soy jumps on U.S. soymeal exports; wheat, corn little changed
(Updates U.S. market activity to close)
By Michael Hirtzer
CHICAGO, March 24 (Reuters) - U.S. soybeans were higher on Thursday, reversing from earlier losses as soymeal <0#SM:> rallied on U.S. Department of Agriculture data showing the largest weekly soymeal sales in about 13 years.
Wheat and corn prices were little changed as investors squared positions in relatively light dealings ahead of the Good Friday holiday, when markets will be closed.
The dollar was headed for its fifth trading day of gains against a basket of currencies, making U.S. goods more expensive in some global markets, while crude oil <0#CL:> fell and the Thomson Reuters CoreCommodity CRB Index eased to about a one-week low.
CBOT May soybeans finished 5-1/4 cents higher at $9.10-1/2 per bushel, rallying from their session low of $9.02 and nearing their five-month peak of $9.14 set on Tuesday. Soybeans on a continuous chart rose 1.4 percent for the week, their fourth consecutive week of higher prices.
CBOT May corn settled up 1-1/2 cents at $3.70 per bushel and CBOT May wheat was flat at $4.63. Corn notched a narrow weekly gain, wheat a small weekly loss.
"Generally, it's a risk-off day across the spectrum," said Dale Durchholz, grains analyst at Agrivisor.
"The rally we have going in beans you can tie right back to the soymeal exports," he added. "We've had a subtle shift in sentiment (in soybeans) when we got over $9 ... (traders) are less pessimistic." Continuación...