GRAINS-Soybeans, wheat extend gains after U.S. planting forecasts
* Investors buy soybeans, sell corn after USDA report
* Corn bounces off low, ends up on bargain-buying
* Wheat closes higher (Recasts; updates with closing U.S. prices, weekly moves)
By Rod Nickel
WINNIPEG, April 1 (Reuters) - U.S. soybean and wheat futures rose on Friday as estimates of smaller-than-expected U.S. plantings spurred buying.
Corn bounced off a 9-1/2-month low to finish up on bargain-buying.
Chicago Board of Trade May soybeans rose 7-1/2 cents or 0.9 percent to $9.18-1/4 a bushel, racking up a fifth straight weekly gain.
Some investors bought soybean futures and sold corn following Thursday's U.S. government report. It put soybean seedings at 82.236 million acres, which would be the third-highest ever, but below the average trade forecast.
"I don't think that (corn-soy trade) is going to last long, maybe another week, 10 days," said Bill Gary, president of Commodity Information Systems. "The problem is, even with this acreage, we've got too many beans." Continuación...