BEIJING - Chicago corn futures fell on Friday as beneficial weather in the U.S. favoured crop development, although ​strong exports kept ⁠a floor under the market.

Wheat fell, while soybeans were flat.

The most-active corn ‌contract on the Chicago Board of Trade (CBOT) dropped 0.2% to $4.61-1/2 a bushel by 0340 GMT, but has ​gained 1.3% so far this week. Soybeans were almost flat at $11.94-3/4, but have climbed 1.5% so ​far in ​the week.

Wheat lost 0.4% to $6.45-1/2 a bushel, but has gained 1.5% so far this week.

Slightly wetter weather is forecast for the U.S. Midwest in the coming ⁠weeks and is expected to benefit corn development, according to Commodity Weather Group.

Next week, warmer-than-normal temperatures in the northern Midwest should accelerate early growth, forecaster Vaisala said.

The U.S. Department of Agriculture reported net old-crop U.S. corn export sales totalled 2,125,316 metric tons ​in the week ended ‌May 14, above ⁠trade expectations. New-crop ⁠sales of 281,430 tons were at the high end of a range of trade estimates.

The ​weather also looked generally favourable for early development of U.S. soybean ‌crops, analysts said.

Net U.S. soybean export sales last ⁠week rose to 351,423 tons for shipment in the 2025/26 marketing year and 172,729 tons for 2026/27.

Net wheat export sales were at 166,342 metric tons for shipment in the 2025/26 marketing year and 130,488 tons for 2026/27.

Both crop sales were in line with trade expectations.

In Argentina, a major world supplier of wheat, President Javier Milei said the country will cut its export tax on the grain to 5.5% from 7.5% starting from June.

Export taxes on soybeans could also be cut by between ‌0.25 and 0.50 percentage points next January, Milei said.

Argentina's 2025/26 soybean ⁠harvest is expected to reach 50.1 million tons, up from ​the previously estimated 48.6 million tons, thanks to higher-than-expected yields as the harvest progresses, the Buenos Aires Grain Exchange said on Thursday.

The exchange also increased corn output forecast by 3 million ​tons to ‌a record 64 million tons, driven by an upward revision to ⁠planted area.