CHICAGO, Oct 26 (Reuters) - U.S. corn futures rose to their highest in more than three weeks after heavy rains across broad swaths of the U.S. Midwest stalled harvests, traders said.
The harvest slowdowns also supported the soybean market.
"Even if we get a break in the rains for one to two days, that is not enough for farmers to get back in the fields," said Terry Reilly, senior analyst with Futures International in Chicago.
Wheat futures were strong too, with MGEX spring wheat rocketing to its highest price since June 2011 on concerns about tight global stocks of high-protein supplies.
At 11:05 a.m. CDT (1604 GMT), the Chicago Board of Trade December soft red winter wheat contract was up 2-1/2 cents at $7.62 a bushel. MGEX spring wheat futures for December delivery were 17-1/2 cents higher at $10.44-1/2 a bushel.
In its first condition ratings for the 2022 winter wheat crop, the U.S. Department of Agriculture (USDA) on Monday afternoon rated 46% of the crop in good-to-excellent condition, up from 41% a year earlier, but behind analysts' expectations of 54%. Estimates had ranged from 49% to 62% good-to-excellent.
CBOT December corn was up 6-3/4 cents at $5.44-3/4 a bushel. On a continuous basis, the most-active corn contract hit its highest price since Oct. 4.
CBOT November soybeans gained 5-1/4 cents to $12.42-1/2 a bushel.
The U.S. soybean harvest was 73% complete as of Sunday, the USDA said in a weekly crop progress report, ahead of the five-year average of 70%, but behind the average estimate in a Reuters analyst poll.
Analysts surveyed by Reuters, on average, had expected soybean harvest progress to reach 74%.
The U.S. corn crop was 66% harvested, the USDA said, ahead of the five-year average of 53% and analysts' estimates of 65%. (Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Editing by Sherry Jacob-Phillips, Shounak Dasgupta and Paul Simao)
