(Adds latest prices, changes byline/dateline; pvs PARIS/SYDNEY)
* 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 touched a 14-month high on prospects for hefty sales to
China, while soybeans also rose.
Traders are keeping a close eye on wheat fields as dryness
threatens production in Argentina, the United States and the
Black Sea region. Buying by commodity funds is supporting gains
in the market, with the most-active Chicago Board of Trade
(CBOT) contract up 15% over the past month, analysts said.
"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 was up 6
cents at $6.24-1/4 a bushel by 12:15 p.m. CDT (1715 GMT) at the
CBOT. The contract earlier reached $6.30-3/4, its highest since
The December contract was trading at a premium to the March
2021 contract, which was up 3 cents at 6.22-1/2 a bushel.
The gains came a day after Argentina's Rosario grains
exchange lowered its estimate of the country's 2020-21 wheat
crop to 17 million tonnes from 18 million.
Corn futures were up 1 cent at $4.04-3/4 a bushel and
set their highest price since August 2019. Soybean futures
fell 9 cents to $10.53-1/4 a bushel, retreating from gains in
the previous session.
The U.S. Department of Agriculture, in a daily reporting
system, said exporters struck deals to sell 128,000 tonnes of
U.S. corn to Mexico and a total of 391,150 tonnes of U.S.
soybeans to unknown destinations.
In a separate weekly report, the USDA said U.S. wheat export
sales in the week ended Oct. 8 were 528,500 tonnes for 2020/21
shipment and 71,200 tonnes for 2021/22. Total sales were near
the high end of a range of trade estimates and the most in seven
(Reporting by Tom Polansek in Chicago, Colin Packham in Sydney
and Sybille de La Hamaide in Paris
Editing by David Goodman and Tom Brown)