By Mark Weinraub
CHICAGO, Oct 29 (Reuters) – U.S. corn futures rose on Friday for the fourth straight day on support from harvest slowdowns across the Midwest that left end users scrambling for supplies, traders said.
“We are still trying to get high enough to entice some producer movement that is a little bit bigger,” said Don Roose, president of Iowa-based U.S. Commodities.
The rainy weather that caused the harvest delays also buoyed soybeans, although gains were limited by technical pressure.
Corn and soybeans received additional support from news of fresh export deals.
Wheat futures were mixed, with Chicago Board of Trade soft red winter wheat contracts and K.C. hard red winter wheat contracts easing from multi-year highs on a round of profit taking.
But MGEX spring wheat remained firm.
Strong import demand, poor spring wheat harvests and an export duty imposed by Russia have heightened expectations of relatively tight wheat supplies this season.
“Globally, the slow Russian export pace is leaving a hole in the global balance sheet,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
At 11:28 a.m. CDT (1628 GMT), CBOT December soft red winter wheat was down 3-1/2 cents at $7.69 a bushel. The most-active CBOT SRW contract Wv1 has risen 6.2% this month and was on track for its fifth straight monthly gain, which would be its longest such streak since 2007.
CBOT December corn futures CZ1 were 3-1/2 cents higher at $5.66-1/4 and CBOT January soybeans SF2 were flat at $12.46 after rising as high as $12.55-1/2.
Private exporters reported the sale of 279,415 tonnes of corn to Mexico and 132,000 tonnes of soybeans to unknown destinations for delivery in the 2021/22 marketing year, the U.S. Agriculture Department said on Friday morning. Separate soybean sales totalling 222,350 tonnes also were reported.
(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Kirsten Donovan and David Gregorio)
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