Corn and soybeans declined on Friday amid speculations that a tumbling U.S. economy will reduce investor demand for raw materials and cut use of grains and oilseeds in bio-fuels and livestock feed.

Corn futures for May delivery declined by 2.2 percent, or 12.25 cents, to $5.5725 a bushel on the Chicago Board of Trade.

Corn prices increased as high as $5.795 by March 11 and the most active contract increased by 40 percent last year after an increase in demand for the grain-based ethanol and livestock feed.

Soybean futures for May delivery fell by 3.2 percent, or 45.5 cents, to $13.5725 a bushel.

The most active contract for soybean had increased as high as $15.8625 on March 3, last year, but has declined since then, by 84 percent after U.S. farmers planted few acres with the bean.