for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

GRAINS-Wheat lingers near 5-year high as dry weather threatens global supplies

* Wheat poised to finish week up 4%

* Soybeans jump more than 0.5% on strong demand

* Corn firms, markets eyes USDA report

SYDNEY, Oct 9 (Reuters) - U.S. wheat futures rose on Friday, as prices lingered near a five-year high hit in the previous session, while the grain is poised to record weekly gains of 4% on concerns that adverse weather in key growing regions would hit global production.

A fresh round of export deals, which included sales to China and Mexico underpinned soybeans, pushing the oilseed up more than 0.5%.

Corn also firmed due to strong export demand.

The most-active wheat futures on the Chicago Board of Trade was up 0.7% at $10.57-1/2 a bushel after closing down 2% on Thursday after prices had earlier hit a June 30, 2015 high of $6.17 a bushel.

Analysts attributed the gains to concerns about dry weather that could limit global production.

“Weather forecasters continue to expect no change to soil moisture in large portions of Black Sea and the United States,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

Wheat climbed about 4% so far this week, putting the contract on track for a second straight weekly gain.

The most active soybean futures were up 0.8% at $10.58 a bushel after closing little changed on Thursday when prices had earlier hit a March 8, 2018 high of $10.69 a bushel.

Soybeans were up 3% for the week, their biggest weekly gain in three weeks.

The most active corn futures were up 0.5% at $3.89 a bushel after closing down 0.5% in the previous session.

Corn futures advanced 2% for the week, poised for the second straight weekly gain.

The gains came in as the market focused on the United States Department of Agriculture’s monthly World Agricultural Supply and Demand Estimates and Crop Production reports due to be released later in the day.

Analysts expected the report would show a lower government forecast for U.S. corn and soybean harvests.

Reporting by Colin Packham, Editing by Sherry Jacob-Phillips

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up