CHICAGO- Soybeans rose while corn eased on Friday as traders covered short positions ahead of the weekend while monitoring an incoming heatwave that could threaten some crops in the US Midwest, traders said.
Wheat also dipped as cheap Black Sea exports continued to loom.
Corn on the Chicago Board of Trade settled 2-1/2 cents lower at $3.91 a bushel, down 0.3 percent for the week, while soybeans ended up 11-1/2 cents to $9.73 per bushel, rising 1.6 percent in the week.
The most-active soft red winter CBOT wheat contract settled 7-1/2 cents lower at $5.28 per bushel, down 0.3 percent for the week.
“Wheat’s wallowing and trying to find support at the $5 level,” said Chuck Shelby, president of Risk Management Commodities.
A closely followed survey of Midwest production prospects, run by ProFarmer, estimated record corn yields this week in top producers Iowa and Illinois, though crops in Minnesota were disappointing.
