The modest sell-off follows strong gains on Thursday, fuelled by a weaker dollar and rising oil prices as better-than-expected third quarter economic growth in the United States eased concerns about the pace of economic recovery.

The U.S. economy grew at an annual rate of 3.5 percent in the third quarter, driving all markets higher on Thursday with the momentum continuing into Friday on Asian stock markets.

“It is still a weather market for row crops. There is still heavy rain through to Saturday, but Sunday through to Wednesday looks reasonably clear, so fingers crossed that farmers can get into the field,” said Tim Glass, global head of commodities at National Australia Bank.

Wheat for December delivery on the Chicago Board of Trade eased 0.5 percent to $5.03-25 per bushel by 0400 GMT after rallying 1.8 percent on Thursday, breaking a four-day losing streak. Still the December contract is heading for a 7 percent loss for the week.

“Wheat has been sold off quite aggressively but there tends to be end of the month buying so that’s one to watch for,” said Glass.

Sluggish export demand for U.S. wheat has kept prices under pressure as the market continues to digest high stocks after big crops in the northern hemisphere for the second straight year.

U.S. wheat export sales in the week ending Oct.22 were less that expected 347,7000 tonnes but news that Iraq purchased 100,000 tonnes of U.S. wheat provided some support overnight. Corn for December delivery eased 0.25 percent to $3.79-¼ per bushel by 0420 GMT after jumping 2.8 percent on Thursday as outside markets turned friendly and flooding in the Mississippi Delta threatened crops remaining to be harvested.

The December contract is on course for a near 5 percent weekly loss as traders look to a pick up in the harvesting pace in the Midwest where a near record crop is still expected.

“If this weather can clear up early Saturday night and there’s a good break for harvesting row crops right through next week then a bit of selling pressure might come back into the market,” said Glass.

Soybeans for November delivery fell 0.61 percent to $9.80-¼ by 0420 GMT.

Soybeans also eased over the week as worries about tight supplies receded and as buyers became more reluctant to lock in purchases due to weather related issues that have plagued the U.S. harvest.

Short of a rally during Chicago trading hours on Friday, the November contract looks set for a weekly loss of about 2 percent as focus returns to harvesting of a record U.S. crop which, together with improved South American output, promises to reduce supply tightness.