Investing.com - U.S. grain futures ended Friday’s session mostly higher, with corn prices hitting a more than two-week top amid indications of robust export demand for U.S. supplies.
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On the Chicago Mercantile Exchange, corn futures for March delivery rose to a session high of USD4.3440 a bushel on Friday, the strongest since January 13, before trimming gains to settle at USD4.3000 a bushel, up 0.12%.
On the week, the March corn contract advanced 1.15%, the second consecutive weekly gain.
Corn prices rallied 1.4% on Thursday after the U.S. Department of Agriculture said U.S. corn export sales last week totaled 1.9 million tonnes, more than double the amount sold in the preceding week.
The agency also reported private sales on Friday of 110,000 tonnes of U.S. corn to Spain for delivery in 2013-14.
Meanwhile, soybeans for March delivery rose 0.61% on Friday to settle the week at USD12.8260 a bushel by close of trade as ongoing indications of strong demand for U.S. supplies underpinned gains.
Despite Friday’s advance, the March soybean contract lost 0.26% on the week as mounting expectations for bumper crops in major South American soy growers such as Brazil and Argentina weighed.
Prices of the oilseed fell to USD12.6000 a bushel on Thursday, the lowest since November 7, before turning higher to end at USD12.7500 a bushel, up 0.45%.
Elsewhere on the Chicago Board of Trade, wheat for March delivery inched up 0.41% on Friday to settle the week at USD5.5560 a bushel, as investors returned to the market to seek cheap valuations.
Wheat prices fell to USD5.5020 a bushel on Thursday, the lowest since July 2010. The March wheat contract ended the week with a loss of 1.69% as increased global production underlined concerns over ample supplies.
In the week ahead, market players will focus on the release of key weekly USDA data, including export sales figures on Thursday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.