Chicago Mercantile Exchange grain prices fell on Friday, with the March soybean futures contract decreasing by 11 cents per bushel to settle at $10.49 per bu and March soymeal dropping by $5 per short ton to $301.40 per ton.

Meanwhile, the March CME corn futures contract declined by 7.75 cents per bu to $4.87 per bu, and March wheat futures fell by 5 cents per bu to $5.82 per bu.

Grain prices dropped across the board ahead of the weekend, primarily due to weather concerns in South America. The market is trying to assess the crop stress situation, especially in southern Brazil and Argentina, where there has been little rain for several weeks and temperatures remain high, particularly in parts of Argentina.

Corn prices declined amid a round of technical selling as traders adjusted their positions ahead of Tuesday morning’s World Agricultural Supply and Demand Estimates (WASDE) report from the USDA.

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