PARIS/SINGAPORE, July 29 (Reuters): Chicago soybeans ticked higher on Friday, with the market set for its biggest weekly rise since 2004, as forecasts of hot and dry weather in the U.S. Midwest raised supply concerns.
Corn is on track for its biggest weekly gain in seven years, while wheat is set to finish the week sharply higher after two weeks of decline.
"Here the market is primarily focused on the U.S. weather worries," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
The Chicago Board of Trade's (CBOT) most-active soybean contract added 1.6% to $14.64 a bushel by 1120 GMT. The market is up 11.3% this week, its biggest gain since 2004.
Corn has added 11.5%, for its biggest weekly rise since 2015, and wheat is up 3% on Friday, bringing the weekly rise to 11%.
U.S. corn and soybeans have enjoyed seasonably cool, wet weather this week, with much of the U.S. corn crop pollinating during the month of July, though a hot and dry forecast for early August has farmers concerned.
For the wheat market, there is still some uncertainty about the volume of Ukraine's grain exports through the Black Sea despite expectations they could start within days.
Ukraine is ready to start shipping grain from two Black Sea ports under a U.N.-brokered agreement but no date has been set for the first shipment, Ukrainian Infrastructure Minister Oleksandr Kubrakov said on Friday.
Argentina's wheat planting for the 2022/2023 season has been supported by recent rainfall that has helped ease drought conditions in some areas, the Buenos Aires Grains Exchange said on Thursday, a boost for the key farm sector.
The Brazilian government confirmed that China has opened its market to soybean meal produced in the South American country, adding that shipments would begin after the removal of some bureaucratic hurdles.
In Europe, the condition of France's maize crop deteriorated sharply for a second consecutive week, data from farm office FranceAgriMer showed, in a sign that dry weather in the European Union's biggest grain maize producer is taking a tolls.
Commodity funds were net buyers of CBOT corn, soybeans, wheat and soyoil futures contracts on Thursday and net sellers of CBOT soymeal futures contracts, traders said.
