It has been reported that prices plunged on Friday on the Chicago Board of Trade as traders tried to even up positions before the long holiday weekend.

Corn was off 13 1/2 to off 14 1/4, soybeans were off 11 to off 14, wheat was off 8 1/2 to off 10 and oats were off 5 1/2.

Coupled with a higher dollar, corn suffered from pressure from equities and crude oil.

One analyst has said that funds and speculators were responsible for much of the selling and traders were evening up following a recent buying binge on strong demand from China.

Forecasts for good weather also played a role.

Before a sell-off sparked by evening up and technical issues sent July prices to a new low, soybeans staged a mild recovery from overnight lows.

It was also reported that July wheat hit a new low following overnight gains. (With Inputs from Agencies)