* Benchmark Malaysian palm oil futures rose on short-covering on Friday following two sessions of losses and as surveys showed exports picked up in May, but lost more than 2 percent on the week, its second straight weekly decline.
* U.S. soybean meal futures climbed to 18-month highs on Friday as short-covering and concerns about tightening exports from Argentina, the top shipper of the livestock feed, helped to fuel gains.
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