CHICAGO - Chicago corn and soybean futures ticked up on Friday, supported by strong ​exports and traders squaring positions ahead of the U.S. Memorial Day holiday.

Beneficial U.S. weather capped prices, and wheat ​futures fell.

The most-active ​corn contract on the Chicago Board of Trade rose 1 cent to settle at $4.63-1/4 a bushel. Soybeans ended up 2-1/4 cents at $11.96-1/2 a bushel. Wheat lost ⁠1-1/4 cents to finish at $6.46-1/4 a bushel.

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 ⁠USDA reported sales ⁠of 493,700 tons of corn to Mexico and 110,000 tons to unknown destinations on Friday, indicating healthy ​demand, according to Randy Place, analyst for the Hightower Report.

He ‌said traders were squaring positions ahead of a ⁠three-day U.S. holiday weekend, with the U.S.-Israeli war on Iran and trade with China still making headlines.

"The main thing is there's a risk of a headline popping up that pushes the market up Monday night," said Place.

Showers are forecast for parts of the U.S. Midwest in the coming weeks, according to Commodity Weather Group, which would benefit corn development.

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