US corn futures fell 1.6 percent on Friday as improved planting weather in the eastern Midwest eased some concerns about declining production and on spillover pressure from sinking crude oil and equity markets after a dismal jobs report.
Soyabeans gained 0.5 percent and touched a two-month high as drier corn planting weather was expected to reduce the number of acres switched to soyabean production, with technical buying adding support. Wheat was mixed amid on spillover pressure from weaker outside markets, although wheat remained underpinned by adverse weather in key production areas of North America and Europe.
Spring wheat closed at the highest level in nearly three years as rainy weather in the northern Plains and Canadian prairies threatened planting at a time when global supplies of high-grade wheat were tight. Corn prices fell for the first time in three days, notching a second consecutive weekly decline. A mostly dry weekend weather forecast for the eastern Midwest will allow farmers to accelerate corn seeding that has been delayed much of the spring due to wet weather.
But soyabeans climbed for a third straight day, supported by drier conditions that will allow more farmers to plant corn as initially planned instead of switching acreage to soya. Chicago Board of Trade July corn fell 12-1/2 cents, or 1.6 percent, to $7.54, down 0.6 percent in the week. July soyabeans climbed 7-1/2 cents to $14.15-1/4 a bushel, up 0.5 percent on the day and 2.5 percent in the week, after earlier hitting a fresh two-month high at $14.19-1/2. Technical buying above the $14-a-bushel mark added upward momentum at times. CBOT July wheat rose 4 cents, or 0.5 percent, to $7.73-3/4 a bushel. Sharp declines on Tuesday and Wednesday left Chicago wheat down about 5.6 percent on the week, the largest weekly fall in seven weeks.
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