OREANDA-NEWS. March 10, 2015. US wheat hit new contract lows on Friday and was on course for a weekly loss of 6 percent as a continuing rally in the dollar dented export prospects.

Soybeans eased for a fifth straight session to a new three-week low as easing disruption from a truckers' strike in Brazil kept the focus on an expected bumper harvest in South America that could curb US exports.

Corn also inched lower as the dollar dimmed export hopes for the feed grain.

But movements across crop markets were limited as investors awaited US jobs data and started to look ahead to March 10 supply/demand estimates from the US Department of Agriculture.

Chicago Board of Trade May wheat edged up 0.3 percent to \\$4.81-3/4 a bushel in hesitant trade, after earlier slipping to a contract low of \\$4.79-1/2.

"We have seen big drop in wheat prices this week as export demand for US supplies is being challenged by a stronger dollar," said Kaname Gokon, general manager of research at brokerage Okato Shoji in Tokyo.

"Even soybean, corn exports from the US are taking a hit."

US wheat is struggling to find business as European exporters such as France and Germany win demand in the Middle East and Africa, aided by euro weakness.

The dollar hit an 11-year high against a range of currencies and a new 11-1/2 year peak against the euro while markets awaited the February jobs figures in the United States.

But some analysts said US wheat might find a footing.

"US wheat was too expensive but at \\$4.80 we don't see much reason to go lower unless the USDA report throws up a surprise," Alexis Poullain of French consultancy Agritel said.

"Russia's announcement of a potential 100 million tonne grain crop encouraged the price drop.

But that would be a very good year and they started with mixed sowings, so it is really credible?" Russia's agriculture minister gave the crop forecast on Wednesday, citing better than expected prospects as spring sowing gets underway.

CBOT May soybeans ticked down 0.1 percent to \\$9.84-3/4 taking their weekly drop to 4.6 percent. May corn was off 0.7 percent at \\$3.87-3/4, down 1.4 percent over the week.

South American soybean producers are expected to flood the market as a record harvest peaks and supply bottlenecks ease after a truck drivers' strike in Brazil petered out.