Investing.com - U.S. soybean and wheat prices rose to multi-month highs on Friday, as indications of strong export demand and concerns over a disruption to supplies from Ukraine lifted prices.
On the Chicago Mercantile Exchange, soybeans for May delivery rose to a session high of $14.6000 a bushel, the most since July 24, before trimming gains to settle at $14.5760 a bushel, up 1.37%.
The May soybean contract added 3.15% on the week as hot and dry conditions in key soy-growing regions in Brazil and Argentina fuelled concerns over crop prospects.
Indications of robust export demand for U.S. supplies also boosted sentiment. On Thursday, the U.S. Department of Agriculture reported sales of 772,700 tonnes of soybeans, above estimates.
Meanwhile, wheat for May delivery hit a daily peak of $6.6300 a bushel on Friday, the most since December 4, before settling up 1.13% to close the week at $6.5400 a bushel.
The May wheat contract ended the week with a gain of 7.92%, as worries over political instability and violence in Ukraine fuelled concerns over a disruption to supplies from one of the world''s largest wheat exporters.
Ukraine is forecast to export 10 million tonnes of wheat in the current marketing season, according to the USDA.
Concerns that freezing temperatures in key wheat-growing states in the U.S. will curb output and damage the quality of the harvest also provided support.
Elsewhere on the Chicago Board of Trade, corn futures for May delivery rose to a session high of $5.0240 a bushel on Friday, the most since August 27, before turning 0.41% lower to close the week at $4.8900 a bushel.
On the week, the May corn contract picked up 5.23%, the seventh consecutive weekly gain.
Ukraine is forecast to export 18.5 million tonnes of corn in the current marketing season, representing 16% of global trade, according to the USDA. A disruption to supplies from Ukraine could mean increased demand for U.S. corn.
The USDA reported old-crop corn export sales of more than 1.5 million tonnes in the latest week, well above a range of trade estimates.
In the week ahead, market players will focus on the release of key USDA data, including the monthly supply and demand report due on Monday as well as weekly export sales figures on Thursday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.