* Wheat up more than 4% for the week
* Corn down, but on course to finish week up 2%
* Soybeans fall for first time in three sessions
SYDNEY, Oct 16 (Reuters) - U.S. wheat futures hit a near six-year high on Friday, as dry weather in key global producing regions raised supply concerns, pushing the grain towards its third straight weekly gain.
Corn fell, while soybeans also edged lower for the first time in three sessions.
The most-active wheat futures contract on the Chicago Board of Trade were up 0.3% at $6.20 a bushel, near the session high of $6.22 a bushel as of 0050 GMT, its highest level since December 2014.
Analysts said dry weather was driving the gains.
“Weather forecasters continue to expect no change to soil moisture for large portions of Black Sea and the U.S,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
“The low soil moisture in these regions is likely a developing problem.”
Driven by these fears, wheat is up about 4.5% for the week.
Argentina’s Rosario grains exchange lowered its estimate of the South American country’s soon-to-be-harvested 2020/21 wheat crop to 17 million tonnes, from 18 million previously, citing dryness and frosts.
Corn futures were down 0.1% at $4.01-1/2 a bushel after closing up 1.8% in the previous session. The contract is up 2% for the week, its third straight weekly gain.
Soybean futures were down 0.4% at $10.58-1/2 a bushel after closing down 0.6% in the previous session. For the week, it has shed more than 0.5%, setting it for the first weekly loss in three.
The U.S. Department of Agriculture reported another 261,000 tonnes of U.S. soybean sales to China on Thursday morning.
Reporting by Colin Packham; editing by Uttaresh.V
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