US corn and soyabean futures fell on Friday on the prospect of dry weather for key Midwest production areas in early May which would give farmers access to fields during a crucial planting window, traders said. Wheat futures were hovering closed to unchanged, with some end-of-week profit-taking pulling prices from their highest in more than a week despite concerns about a cold snap in the US Plains threatening to damage maturing crops.

Corn futures notched the biggest declines, sagging 1.6 percent as the weather view, if realised, would allow farmers to seed most of their corn crop before mid-May. Farmers that seed corn after that point risk a reduction in yield. But heavy rains were expected this weekend.

At 10:35 am CDT (1535 GMT), Chicago Board of Trade July corn futures were down 5-3/4 cents at $3.63-1/2 a bushel. Corn futures were down 0.1 percent for the week. Heavy deliveries against the CBOT May corn contract indicating an abundance of supplies, added pressure to corn futures. CBOT July soyabean futures were 3-3/4 cents lower at $9.53-1/2 a bushel and on track for a weekly loss of 0.8 percent.

CBOT July wheat futures were 1-1/2 cents lower at $4.29-3/4 a bushel. Prices topped out at $4.34-1/2, their highest since April 20. The contract has risen 2.2 percent so far this week, which would be the biggest weekly rally for wheat in 11 weeks. Low temperatures in north-central Kansas are expected to be in the mid to upper 20s (Fahrenheit), according to the Commodity Weather Group, potentially damaging for hard red winter wheat in the biggest producing state. Farming agency FranceAgriMer on Friday reported a sharp decline in crop conditions for wheat, with the amount of soft wheat rated good/excellent falling to 78 percent from 85 percent in the week to April 24.

Copyright Reuters, 2017