Investing.com -
Investing.com - U.S. wheat prices fell to a three-week low on Friday, as forecasts for much-needed rain in the U.S. Great Plains region eased concerns over the health of the U.S. winter-wheat crop.
On the Chicago Mercantile Exchange, US wheat for May delivery slumped 0.92%, or 6.2 cents, on Friday to settle the week at $6.6960 a bushel.
Earlier in the day, prices fell to a session low of $6.5860 a bushel, the weakest level since March 12.
Parts of Oklahoma, Texas and Kansas, the top U.S. wheat growers, will receive as much as 0.25 inch (0.64 centimeters) to 1 inch of rain in the next four-to-seven-day period.
The May wheat contract ended the week with a loss of 3.71%, or 25.8 cents, the biggest weekly decline since January.
Meanwhile, US soybeans for May delivery inched down 0.1%, or 1.4 cents, on Friday to settle at $14.7360 a bushel by close of trade on Friday.
Prices of the oilseed rallied to a nine-month high of $14.9600 a bushel on April 2.
The May soybean contract picked up 2.52%, or 37.2 cents, on the week amid concerns over tightening U.S. supplies due to robust export demand.
Elsewhere on the Chicago Board of Trade, US corn futures for May delivery advanced 0.35%, or 1.6 cents, on Friday to close the week at $5.0160 a bushel.
Corn rose to a seven-month peak of $5.1240 a bushel on April 1.
On the week, the May corn contract rallied 4.5%, or 22.6 cents, the second consecutive weekly gain.
In the week ahead, market players will focus on the release of key USDA data, including crop progress and weekly export sales figures.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.