Soyabean prices rise, corn pares gains

Soyabeans rose to a two-week high on speculation that commodity demand will increase as low interest rates bolster prospects for economies. Corn pared gains as US farmers increased sales.

The S&P's GSCI Spot Index of 24 raw materials climbed as much as 1.5%. On Thursday, the Federal Reserve said its benchmark rate probably will stay close to zero percent at least until late 2014.

Brazil's central bank said that there is a "high" chance its key rate will decline. Soyabean futures for March delivery rose 0.8% to close at $12.2275 a bushel at 1:15 pm on the Chicago Board of Trade.

Earlier, the price reached $12.31, the highest for a most-active contract since January 11. Corn futures for March delivery were unchanged at $6.345 a bushel. Farmers boosted sales from inventories after the grain climbed as much as 1.8% to a two-week high of $6.4575.