Investing.com - U.S. corn futures rose to the highest level in more than two weeks on Friday, but gains were likely to remain limited amid indications of plentiful global supplies.
On the Chicago Mercantile Exchange, US corn for March delivery hit a daily peak of $3.8940 a bushel on Friday, the most since January 22, before ending at $3.8560, up 0.4 cents, or 0.13%.
For the week, the March corn contract jumped 15.72 cents, or 4.05%.
Despite recent gains, corn prices remained vulnerable amid reduced demand for corn-based ethanol and ample supplies in the U.S.
Meanwhile, US wheat for March delivery tacked on 1.2 cents, or 0.24%, on Friday to close the week at $5.2700 a bushel. Earlier in the day, wheat touched $5.3400, the highest level since January 26.
On the week, the March wheat contract rallied 24.75 cents, or 4.79%, the first weekly gain in seven weeks.
Wheat has been under pressure in recent weeks amid ample global supplies and indications of reduced demand for U.S. wheat.
Elsewhere on the Chicago Board of Trade, US soybeans for March delivery shed 7.6 cents, or 0.79%, to settle at $9.7340 a bushel on Friday.
Despite Friday's losses, the March soybean contract still rose 12.02 cents, or 1.29%, on the week, the first weekly rise in four weeks.
Prices of the oilseed have been weighed by concerns over weakening demand from China and amid optimism over crop prospects in Brazil and Argentina.
In the week ahead, market players will focus on the release of the U.S. Department of Agriculture's world supply and demand report on Tuesday, February 10.
The agency will also produce data on 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.