Grain futures - weekly outlook: March 2 - 6

Investing.com - U.S. soybean futures rose to the highest level in almost seven weeks on Friday, as ongoing concerns over a disruption to supplies from Brazil boosted prices.

On the Chicago Mercantile Exchange, US soybeans for May delivery touched $10.3800 a bushel on Friday, the most since January 12, before ending the week at $10.3160, up 5.2 cents, or 0.51%.

For the week, the March soybean contract rose 26.26 cents, or 3.05%, the fourth consecutive weekly gain. For February, prices of the oilseed rallied 7.15%, following a decline of 6% in January.

A strike by Brazilian truck drivers protesting high fuel prices continued for the tenth day on Friday, threatening to hold up grains exports at the nation's second-largest grain hub in Paranagua.

Brazil is a major soybean exporter and competes with the U.S. for business on the global market. A disruption to supplies there could mean increased demand for U.S. supplies.

Meanwhile, US wheat for May delivery soared 12.4 cents, or 2.5%, on Friday to settle at $5.1300 a bushel by close of trade.

Earlier in the day, wheat prices touched $5.1760, the highest level since February 20, as frigid weather conditions in the U.S. Great Plains and Midwest fuelled concerns over the health of the winter-wheat crop.

On the week, the May wheat contract inched up 4.62 cents, or 0.42%. Prices of the grain ended February with a gain of 1.74%, after plunging 14.7% in January.

Elsewhere on the Chicago Board of Trade, US corn for May delivery climbed 4.6 cents, or 1.22%, on Friday to close at $3.9320 a bushel.

Corn hit a session high of $3.9620 earlier, a level not seen since January 13, as gains in wheat buoyed prices. Wheat and corn prices are linked because both can be used as animal feed.

The May corn contract ticked up 4.12 cents, or 0.84%, on the week, the second straight weekly advance. Corn rallied 5.7% in February, following a drop of 6.7% in January.

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.