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CHICAGO: Chicago Board of Trade soybean and corn futures extended a rally on Wednesday to new multi-month peaks as dry weather in some South American growing belts stoked supply concerns.

Wheat futures rose for a fifth straight session, tracking corn and soy while also drawing support from brisk import demand and supply risks, analysts said.

Major global grain producer Ukraine will consider limiting milling wheat exports in the first half of 2022, two sources familiar with the discussions told Reuters.

Technical buying helped boost the grain and soy markets in pre-holiday trading, traders said. The most-active soybean contract on the CBOT was up 23-3/4 cents at $13.36-1/2 per bushel 10 a.m. CST (1600 GMT), after earlier reaching a new high since Aug. 25 at $13.39, extending gains for a seventh day.

CBOT corn rose for a second session, up 6-1/4 cents at $6.04-1/2 a bushel and topping the $6 level for the first time since July 1.

“South American weather is concerning for the southern part of Brazil and Argentina as dry weather looks to persist to the end of the year,” CHS Hedging said.

Drought in southern Brazil and developing dryness in parts of Argentina have tempered earlier optimism about South American harvest prospects. Crop losses in South America could shift export demand to the United States.

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