Corn and soybean prices fell, buffeted by worries over demand for the crops. Net weekly export sales of corn and soybeans both missed analysts' expectations, with corn exports last week down 50% from the week prior, and soybean exports down 66%. according to USDA. May corn declined 2 1/2 cents, or 0.6%, to $3.88 1/2 a bushel.
Still, soybean prices drew support from concerns over flooding in Argentina, which may have damaged the crop there. "They had a lot of rain last week, when its not wanted for this time of the year”. May bean fell 2 1/4 cents, or 0.2%, to $9.90 1/2 a bushel.
Wheat prices surged to 2-week high, buoyed by a wave of short-covering among investors who were motivated to exit bearish bets as the U.S. dollar softened and worries grew over dryness in the U.S. Great Plains. Prices for the grain have been battered recently by the rising dollar during earlier days. On Thursday, however, the dollar eased after soaring to a nearly 12-year high against the euro in the previous session, encouraging investors to close out their positions. Analysts said continued dryness in the southern Great Plains also shored up prices, with forecasts for dry weather over the next 16 to 30 days spurring concerns that lack of moisture could dent crop yields. "We've got some very dry areas in northern Texas and central to western Oklahoma and Kansas” it isn't surprising to see a bounce in wheat prices at this time of year, particularly given the large short position built up in the market. "People were leaning too hard to one side". May wheat gained 8 1/4 cent, or 1.7%, to $5.07 1/4 a bushel.