CHICAGO, Oct 26 (Reuters) - U.S. corn futures rose to their highest in more than three weeks on Tuesday after heavy rains across broad swaths of the U.S. Midwest stalled harvest, traders said.
The harvest slowdowns also supported the soybean market.
"Even if we get a break in the rains for one to two days, that is not enough for farmers to get back in the fields," said Terry Reilly, senior analyst with Futures International in Chicago.
CBOT December corn settled up 5-1/2 cents at $5.43-1/2 a bushel. On a continuous basis, the most-active corn contract hit its highest price since Oct. 4.
CBOT November soybeans were up 3/4 cent at $12.38 a bushel, closing well below their session peak
"The weather is drying out today over the Midwest, but the West starts up more rains tomorrow, moving into the central belt Thursday, and then into the East, and harvest will be minimal this week," Charlie Sernatinger, global head of grain futures at ED&F Man Capital said in a note to clients.
The U.S. soybean harvest was 73% complete as of Sunday, the USDA said in a weekly crop progress report, ahead of the five-year average of 70%, but behind the average estimate in a Reuters analyst poll.
Analysts surveyed by Reuters, on average, had expected soybean harvest progress to reach 74%.
The U.S. corn crop was 66% harvested, the USDA said, ahead of the five-year average of 53% and analysts' estimates of 65%.
Wheat futures closed lower on a round of profit-taking, with MGEX spring wheat leading the market up as it rallied to its highest in more than 10 years and then lower as funds liquidated positions. CBOT December soft red winter wheat contract settled down 7-1/4 cents at $7.52-1/4 a bushel. (Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Editing by Sherry Jacob-Phillips, Shounak Dasgupta, Paul Simao and Jonathan Oatis)
