By Tony C. Dreibus and Jeff Wilson March 24 (Bloomberg) -- Corn, soybean and wheat prices fell as the dollar’s surge drove commodities to the lowest level in five weeks. The greenback rose to a 10-month high against a basket of major currencies on European debt concerns. Corn declined for the fourth straight session. Soybeans and wheat were down for the second day in a row. The Reuters/Jefferies CRB Index of 19 raw materials dropped to the lowest level since Feb. 12. “It’s a dollar story today, rather than a supply-and- demand story,” said Bill Nelson, a senior economist at Doane Advisory Services Co. in St. Louis. “The stronger dollar is leaning against increased investment in most commodities.” Corn futures for May delivery fell 2.5 cents, or 0.7 percent, to $3.6025 a bushel at 10:16 a.m. on the Chicago Board of Trade. The price dropped 3.5 percent in the previous three sessions. Soybean futures for May delivery fell 13.5 cents, or 1.4 percent, to $9.545 a bushel. Before today, the commodity fell 7.7 percent this year on forecasts for production to jump to a record in Brazil and Argentina, the biggest exporters behind the U.S. Wheat futures for May delivery fell 2.5 cents, or 0.5 percent, to $4.7425 a bushel. Before today, the price dropped 12 percent this year, partly because of increased world production and slack demand for U.S. supplies. Corn is the biggest U.S. crop, valued at $48.6 billion in 2009, followed by soybeans at $31.8 billion, government figures show. Wheat is fourth at $10.6 billion, behind hay, USDA data show. To contact the reporters on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net; Jeff Wilson in Chicago at jwilson29@bloomberg.net

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