(Adds closing prices, details on Brazil crop weather)
* Global supply concerns boost CBOT wheat
* USDA announces daily U.S. corn, soy export sales
* Soybean futures retreat from gains
CHICAGO, Oct 16 (Reuters) - U.S. wheat futures surged to
their highest prices in nearly six years on Friday as dry
weather in key growing regions around the world fueled supply
Corn futures ended lower, after touching a 14-month high on
prospects for hefty sales to China, and soybeans also slumped.
Traders are keeping a close eye on wheat fields as dryness
threatens production in Argentina, the U.S. Plains and the Black
Buying by commodity funds helped support gains in the
market, analysts said, with the most-active Chicago Board of
Trade (CBOT) contract rising 15% over the past month.
"The wheat market has been incredibly resilient this week,"
said Matt Wiegand, commodity broker for FuturesOne. "Every time
it's tried to dip, it's moved higher."
The most-active December wheat futures contract
finished 7 cents higher at $6.25-1/4 a bushel at the CBOT. The
contract earlier reached $6.30-3/4, its highest since December
The December contract is trading at a premium to the March
2021 contract, which ended up 4 cents at 6.23-1/2 a
Corn futures closed down 1-3/4 cents at $4.02 per
bushel, after reaching $4.09, its highest since August 2019.
Soybean futures fell 12-1/4 cents to $10.50 a bushel,
after rising last week to its highest price since March 2018.
Concerns about dry weather in Brazil, the world's top
soybean exporter, have recently supported soy futures. However,
more consistent rains are likely to benefit crops in northern
Brazil, according to Commodity Weather Group.
The U.S. Department of Agriculture, in its daily reporting
system for export sales, said shippers struck deals to sell a
total of 391,150 tonnes of U.S. soybeans to unknown
destinations. Exporters separately sold 128,000 tonnes of U.S.
corn to Mexico.
In another report, the USDA said weekly U.S. wheat export
sales totaled 599,700 for 2020/21 and 2021/22 shipment. Sales
were near the high end of analysts' estimates and the most in
(Reporting by Tom Polansek in Chicago, Colin Packham in Sydney
and Sybille de La Hamaide in Paris
Editing by David Goodman, Tom Brown and Richard Chang)