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An uptick in export demand supported corn and soy futures

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Wheat up on rising corn prices, dryness concerns

(Updates throughout, adds byline, previous dateline

SINGAPORE/HAMBURG)

By Heather Schlitz

CHICAGO, Oct 21 (Reuters) -

Chicago corn and soybean futures rose on Monday as low

prices spurred a flurry of international demand for U.S. grains

and soy, analysts said.

The demand is a welcome respite for domestic grain

sellers, who have struggled with merchandising a massive U.S.

crop with hefty global supplies at sluggish prices and freight

transportation woes on the nation's interior rivers.

Wheat futures also rose on spillover support from corn

futures, lingering concerns over drought in key wheat-growing

areas and Russian export restrictions.

Chicago Board of Trade soybeans were last up 9 cents

at $9.79 a bushel and corn rose 5 cents to $4.10 a bushel

as of 1610 GMT. Most-active wheat was last up 3 cents at

$5.75-3/4 a bushel.

On Monday morning, the U.S. Department of Agriculture

confirmed a total of 380,000 metric tons of U.S. soybean sales

for shipment to undisclosed buyers.

The USDA also confirmed 500,000 tons of corn sold to

Mexico, South Korea and other undisclosed destinations for the

2024/25 marketing year.

"We've seen some stellar corn sales and good bean

sales," Brian Basting, analyst at Advance Trading, said. "We've

seen end users take advantage of lower prices, and the U.S. is

really well positioned in the world market to be the main

supplier."

U.S. farmers are harvesting two of the largest corn and

soybean crops in history at the fastest pace in years,

straining their physical capabilities

and grain storage capacity.

The bumper harvests and an expected large Brazilian soy

crop continue to keep a lid on futures.

Rain over parched wheat areas in southern Russia and the

central United States eased some concerns over dryness, but

drought still remains a pressing concern, analysts said.

Market confusion over the impact of Russian government

export restrictions have also provided some support to wheat

prices, traders said.