USA: Wheat and corn rise while soy slips; Chicago grains set for weekly gains

Wheat futures gained fora fourth consecutive session on Friday and were set to post a weekly gain, supported by concerns around poorRussian winter wheat crop. Chicago corn rose for a second session and was setto post a third weekly gain as Brazil’s Novembercorn exports dropped by 36% from a year ago andsoybeans slipped after a session of gains. Both contracts are heading for weekly gains. “Reduced wheat production in Russia would severely limit the available stocks for global exports. This comes at a time when the stocks-to-use ratio of the top eight wheatexporters are at greater than decade lows,” said Andrew Whitelaw at agricultural consultants Episode 3 in Canberra. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 gained 0.13% at $5.59 a bushel, as of 0313 GMT, rising 2% for the week. Russian winter crops are in poor condition and will need to be partially replaced by spring crops, while the outlook for next year’s harvest remains difficult to predict, ...