* Rebound after month-end fund liquidation
* Better corn plantings in west, slow in east
* Light deliveries on May lend support
* Coming up: USDA's planting progress report Monday
(Updates to include fresh prices, adds meteorologist quote, adds details on open interest changes)
By Sam Nelson
CHICAGO, April 29 (Reuters) - U.S. corn futures jumped 4.5 percent on Friday on bargain buying, recouping all of the losses from a day earlier when prices fell to their lowest level in nearly a month.
"There is short-covering after yesterday's big sell-off and the outside markets are commodity-friendly with the weaker dollar, higher crude oil and gains in metals," said Don Roose, president and analyst for U.S. Commodities in Des Moines, Iowa.
Wheat and soybean futures also gained in a recovery after each market was pounded Thursday as a resumption in corn planting in western stretches of the Corn Belt alleviated concerns about supply, traders said.
"Things are going to improve a bit in the western belt, but could deteriorate late next week and next weekend," said Mike Palmerino, a meteorologist with Telvent DTN.
Excessive wet weather in the United States has slowed corn plantings, leading to concerns about a late start for this year's crop and a potential for reduced production.
At 12:29 p.m. CDT (1729 GMT), CBOT July corn up 27-3/4 cents at $7.57 per bushel, July wheat was up 16 cents at $7.93-1/2, and July soy up 30-1/2 cents at $13.84.
Wheat is down 4.6 percent for the week and is near unchanged for April. Corn is up 2.4 percent for the week and up 8.9 percent for the month. Soybeans are up 0.2 percent for the week and down 2 percent for the month.
The rebound in grain and oilseed prices on Friday also stemmed from the U.S. dollar hitting a three-year low against a basket of currencies on Friday. The dollar will end the month with its biggest loss since September, with more weakness expected as the Federal Reserve keeps interest rates low while the European Central bank raises them.
Light to no deliveries also helped the grain market recover from Thursday's sell-off.
There were no deliveries on the May futures contracts for corn and soybeans and only light deliveries for wheat. Light deliveries on a futures contract indicates that owners of the commodity want to retain ownership, a bullish signal for futures prices.
WET WEATHER CONTINUES TO SUPPORT
Support also stemming from continued wet weather in the eastern portion of the U.S. Midwest.
"There is more rain forecast for next week in the east and that will keep plantings to a minimum so that's supportive," Roose said.
Declining open interest after Thursday's big sell-off indicated the price drops were due to liquidation of long positions rather than any new net selling, a long-term bullish indicator for wheat, corn and soybean futures prices.
Corn saw its largest two-day drop in open interest since late November and the number of open contracts has fallen nearly 8 percent in the last six sessions.
Open interest in soybeans has fallen five days in a row and six days in a row in wheat. (Reporting by Sam Nelson; additional reporting by Mark Weinraub and Julie Ingwersen in Chicago; Editing by Lisa Shumaker)