U.S. corn and soybean futures extended gains in early trade on Friday on yield concerns after forecasts signaled more dry weather in portions of the Midwest crop belt.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.18% at $14.30-3/4 a bushel, as of 0124 GMT, after scaling a one-month high on Thursday.
Wheat Wv1 lost 0.23% to $6.60 a bushel on profit-taking, while corn Cv1 edged up 0.32% to $6.25-1/4 a bushel, after jumping to its peak in nearly two months on Thursday.
A stretch of dry weather following the planting season has stressed crops across the U.S. Midwest, raising concerns that the forecasted record corn and soybean harvest will fall below expectations.
The U.S. soybean crush in May topped most trade estimates and rose to the highest level for the fifth month of the year, according to National Oilseed Processors Association (NOPA) data released on Thursday.
Commodity funds were net buyers of Chicago Board of Trade soybean, corn, wheat, soy oil and soy meal futures contracts on Thursday, traders said.
The Kremlin said it saw no positive prospects when it came to renewing the Black Sea grain deal given that parts of the accord affecting Russia remained unfulfilled.
South American grain exports are set to overshadow Black Sea shipments this year as doubts grow over an UN-backed Ukraine deal and international traders cut commercial activities in Russia, a top executive with major commodities group Cargill said.
Iraq, which bought 400,000 tonnes of Australian wheat in February, has received one cargo ship and expects further shipments to continue arriving until September, the Iraqi state news agency said on Thursday.