Investing.com - U.S. grain futures ended Friday’s session mostly lower, with wheat prices falling sharply to end near a three-and-a-half year low as concerns over ample supplies continued to weigh.
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On the Chicago Mercantile Exchange, wheat for March delivery tumbled 1.62% on Friday to settle the week at USD5.6340 a bushel. Earlier in the day, wheat prices fell to a session low of USD5.6260 a bushel, the weakest level since January 10.
The March wheat contract ended the week with a loss of 0.98%, the seventh consecutive weekly decline.
Wheat prices plunged to a three-and-a-half year low of USD5.6040 a bushel on January 10 after the U.S. Department of Agriculture forecast global supplies of the grain at 185.4 million tonnes, up 1.4% from a December estimate of 182.8 million tonnes.
Meanwhile, corn futures for March delivery fell 0.93% on Friday to settle the week at USD4.2400 a bushel. Earlier in the day, corn prices fell to a session low of USD4.2220 a bushel, the weakest level since January 10.
On the week, the March corn contract lost 1.98%, the biggest weekly decline since the week ended November 1, 2013.
Corn prices edged lower after updated weather forecasts pointed to favorable conditions in key growing regions in Argentina and Brazil. The weather is critical for corn development as much of the South American crop is in its yield-determining pollination phase.
Elsewhere on the Chicago Board of Trade, soybeans for March delivery inched up 0.11% on Friday to settle the week at USD13.1640 a bushel by close of trade. Prices of the oilseed rallied to a two-week high of USD13.2040 a bushel on Thursday.
The March soybean contract added 2.88% on the week, the biggest in eight weeks. Soy prices have been well-supported in recent sessions amid ongoing indications of robust export demand for U.S. supplies.
Agricultural futures markets will be closed on Monday in observance of the Martin Luther King Jr. Day holiday.
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.