* Soybeans at highest since June 2016, up 12% this month * Strong Chinese demand and dry South American weather support * Corn hits highest since July 2019, wheat steady (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Nov 20 (Reuters) - Chicago soybeans rose for a sixth consecutive session on Friday to a four-year high as robust Chinese demand and a dry start to the South American growing season fuelled expectations of dwindling U.S. supplies. Corn rose to another one-year peak, similarly buoyed by brisk exports and weather risks in other exporting countries. The most active soybean contract on the Chicago Board Of Trade (CBOT) was up 1% at $11.89-3/4 a bushel by 1053 GMT, having touched the latest in a series of multi-year highs at $11.92-3/4. The contract has gained more than 12% this month. "There is a scarcity concern in the market this year," said Rabobank commodity analyst Michael Magdovitz. "We're getting into the period when there is a higher moisture requirement for the Brazilian crop and when there is not so much U.S. crop left to be sold." While some rain has reached Brazilian and Argentine grain belts, more moisture was seen as needed to complete soybean and corn planting and boost crop development. Argentine soy planting advanced sharply over the past week after rains in key drought-hit areas, the Buenos Aires Grains Exchange said on Thursday, though much of the country remained dry. Recent dryness in Brazil has also raised doubts over how large a crop the world's biggest soybean exporter can harvest in the coming months. "There are increasing supply concerns and feed demand is really strong as China is rebuilding its pig herd," said Phin Ziebell, an agribusiness economist at National Australia Bank. Weekly U.S. Department of Agriculture (USDA) export data on Thursday showed soybean and corn export sales above trade expectations. CBOT corn was up 1.2% at $4.32-1/2 after earlier touching its highest since July 2019 at $4.33-1/4. Wheat added 0.4% to $6.01-1/4. The arrival of a bumper Australian crop and moisture for parched U.S. wheat crops have curbed wheat prices, though brisk demand was underpinning the market, analysts said. Prices at 1053 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 601.25 2.50 0.42 558.75 7.61 CBOT corn 432.50 5.25 1.23 387.75 11.54 CBOT soy 1189.25 11.75 1.00 955.50 24.46 Paris wheat Dec 210.75 0.25 0.12 188.75 11.66 Paris maize Jan 193.25 0.50 0.26 179.00 7.96 Paris rape Feb 416.00 1.50 0.36 391.75 6.19 WTI crude oil 42.01 0.27 0.65 61.06 -31.20 Euro/dlr 1.19 0.00 -0.16 1.1210 5.74 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by Sherry Jacob-Phillips and David Goodman )
Our Standards: The Thomson Reuters Trust Principles.