CHICAGO: Chicago Board of Trade corn futures on Friday dipped below $4 per bushel in the front-month contract for the first time since November 2020, as hefty US and global supplies weighed over the market.

Chicago soybean futures also turned lower as weekly US exports dropped to the lowest since last May, according to government data. News that at least three US-bound cargo ships were preparing to load with soybeans at two ports in Northern Brazil also weighed on the market.

The speed at which corn prices have fallen has startled growers and market analysts, who say low prices could impact the US farm economy as producers are finalizing their spring planting plans.