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GRAINS-Soybean futures rise in Chicago and wheat futures fall with attention paid to US weather

Por Mark Weinraub

CHICAGO, U.S., Apr 16 (Reuters) – U.S. soybean futures rose on Friday, gaining traction on corn contracts as the market tried to entice farmers to increase oilseed acreage, to Despite corn rising earlier in the week to its highest level in nearly eight years.

* “There has been a lot of talk in the last two weeks about corn, dryness and cold,” said Mark Gold, Managing Partner, Top Third Ag Marketing. “Today it is soy that says: ‘Don’t forget me'”.

* Corn futures were mixed, with nearby contracts weakening as funds liquidated long positions and new crop contracts held steady on concerns about early planting in the US Midwest.

* Wheat was down on profit-taking, having reached its highest overnight since March 8.

* All three commodities were up on the weekly balance sheet, with corn heading for its third consecutive week of gains and fourth in the last five.

* Soybeans for May delivery rose 15 cents to $ 14.3375 a bushel. The most active contract peaked since April 1.

* The strength of soybean oil added support for the oilseed, which rose on concerns about the shortage of global vegetable oil supplies. Soybean oil has risen for four consecutive days and closed near its session high.

* May corn futures were down 4.5 cents to $ 5.85.5 per bushel and May wheat was down 1.5 cents to $ 6.525 per bushel.

* Traders said mutual funds, which have built up a near-record long hold in corn, were undoing it, adding pressure to the market.

* Concerns about falling temperatures in the American plains limited sales of wheat futures.

(Report by Mark Weinraub; Edited in Spanish by Javier López de Lérida)

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