U.S. grains: Soy, corn futures rally on bargain buying, geopolitical tensions [Video]

Chicago | Reuters—U.S. corn and soybean prices rose on Friday as heightened geopolitical tensions spurred a round of bargain buying after the benchmark contracts in both markets fell to their lowest levels in more than six weeks, traders said.

Corn futures drew additional support from news that the U.S. Environmental Protection Agency will temporarily expand sales of higher-ethanol blends of gasoline this summer.

Chicago Board of Trade July corn CN24 settled up 6-3/4 cents at $4.43 per bushel. July soybeans SN24 ended up 16-3/4 cents at $11.65-3/4 a bushel, rallying after a dip to $11.45-3/4, the contract’s lowest level since Feb. 29. CBOT July wheat WN24 finished up 13-3/4 cents at $5.66-3/4 a bushel.

Analysts …