OREANDA-NEWS. February 09, 2015. US soybeans ended lower on Friday as a jump in the dollar on strong employment data spurred technical selling, traders said.

Additionally, forecasts of record soybean production in South America hung over prices.

Corn and wheat closed slightly firmer on a pre-weekend short covering bounce.

Wheat was underpinned by a pickup in global demand this week after prices fell to four-month lows and a deterioration in the dormant US winter wheat crop after a dry January.

Traders said the grain markets were marking time between generally favorable crop conditions in South America and the start of the Northern Hemisphere growing season.

They also were waiting for the US Department of Agriculture to update their world and domestic crop supply and demand forecasts on Feb. 10.

"With that lull, we are more sensitive to the outside volatility in the crude oil and dollar markets. That's certainly true this week," said Rich Feltes, vice president of commodity research at brokerage R.J. O'Brien. The US dollar climbed against major currencies on Friday after government data showed US jobs growth rose and wages rebounded strongly in January, bolstering views that the Federal Reserve will hike interest rates by mid-year.

While the bounce in the dollar loomed over Chicago Board of Trade corn, soybeans and wheat on Friday, all three closed higher on the week.

Chicago Board of Trade March soybeans closed down 7-3/4 cents, or 0.8 percent, at \\$9.73-1/2 on Friday.

CBOT March corn ended up 1/2 cent, or 0.1 percent at \\$3.85-3/4, bouncing in the last few minutes of trade.

"More choppy, rangebound trade is expected in corn until we get closer to spring planting weather conditions," said Shawn McCambridge, a grains analyst with Jefferies Bache. March wheat closed up 1-1/4 cents, or 0.2 percent, at \\$5.27 - its first weekly rise in seven weeks as hopes of an export breakthrough in Egypt underpinned prices.

Egypt could hold tenders for US wheat in order to make use of a \\$100 million credit line from the United States, the country's supplies minister said on Thursday.

The news followed a run of tenders by importing countries this week.

"Exports steering away from a very weak path are good news, but are more support than a reason for an extended rally," Tobin Gorey, director of agricultural strategy for Commonwealth Bank of Australia, said in a note to clients.