Investing.com - U.S. wheat futures plunged more than 2% on Friday, amid fears that Russian sanctions will dampen demand for U.S. supplies.
On the Chicago Mercantile Exchange, U.S. wheat for September delivery tumbled 2.18%, or 12.2 cents, on Friday to end the week at $5.4920 a bushel.
Russia announced Thursday that it will ban all food imports from the U.S., in a sweeping response to Western sanctions imposed over Moscow's support for rebels in Ukraine.
The ban is valid from August 7 and will last for one year, according to Russian Prime Minister Dmitry Medvedev.
Despite Friday's losses, the September wheat contract rose 2.73%, or 15.0 cents, on the week, as mounting fears over crop conditions in Europe boosted prices.
Meanwhile, U.S. corn for September delivery hit a daily low of $3.5120 a bushel, the weakest level since July 7, 2010, before settling at $3.5160 by close of trade, down 2.16%, or 7.6 cents.
On the week, the September corn contract lost 3.14%, or 11.4 cents, the seventh consecutive weekly decline, as near-ideal crop weather in the U.S. Midwest bolstered expectations for a big harvest this autumn.
Elsewhere on the Chicago Board of Trade, U.S. soybeans for September delivery tacked on 1.32%, or 14.4 cents, on Friday to settle the week at $11.1360 a bushel by close of trade.
On the week, the September soybean contract climbed 3.6%, or 40.2 cents, as investors returned to the market to seek cheap valuations in wake of recent losses.
Prices of the oilseed slumped to a 45-month low of $10.5400 a bushel on August 4 as indications of ample global supplies drove prices lower.
In the week ahead, market players will focus on the release of the U.S. Department of Agriculture's closely-watched monthly crop supply and demand report due on Tuesday, August 12.
Market analysts expect the USDA to raise its estimate of U.S. wheat production. The agency is also expected to boost its corn harvest outlook and lift its soybean forecast after generally favorable growing weather.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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