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Morning markets: soybeans rise and shine

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Commodities woke up in a better mood on Thursday, helped by a weak dollar, stronger oil and renewed supply concerns about soybeans, which dragged other grains up with it.

"The grains are really benefiting as we have a little bit of weakness in the US dollar and also oil prices are rebounding today," Toby Hassall, an analyst at Commodity Warrants Australia, told Reuters.

Soybeans were benefiting from reports of stockpiling by China. "There is no indication that demand is waning," Mr Hassall said.

The Buenos Aires grains exchange further improved sentiment by cutting its estimate of Argentina's drought-plagued 2008-09 soy crop to 37m tonnes, 2.4m tonnes below its last projection and 9.2m tonnes below last year's production.

Chicago soybeans for May delivery stood 10.5 cents higher at $10.45 ½ a bushel at 07:15 GMT.

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May wheat added 5.25 cents to $5.20 1/4 cents a bushel, despite continued forecasts of favourable planting weather for US spring wheat, as investors considered two successive days of decline had punished the contract enough.

Corn took on 3.5 cents higher, although, with planting conditions also looking favourable in US corn areas, it remained well off the $4-a-bushel mark at $3.88 a bushel.

The positive influence of soybeans also stretched to Malaysia, helping palm oil get back on its feet as investor attention switched from the June to the July contract. July palm oil was 26 ringgit higher at 2,424 ringgit a tonne.

Outside agriculturals, oil made ground on hopes of US economic revival, with New York crude for may deliver up nearly 1% at $49.73 a barrel and Brent adding 0.6% to $52.75 a barrel.

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