CHICAGO, Oct 23 (Reuters) - U.S. wheat futures rose on Friday, pushing back toward a six-year high as traders worried about drought in major production belts worldwide and importers continued to grab available supply.
Corn futures steadied after hitting a fresh 14-1/2-month top while soybeans eased as traders locked in profits from the market's rally to its highest in more than four years on Thursday.
Wheat traders remained focused on weather conditions as recently planted winter crops in the northern hemisphere head toward dormancy.
"On the wheat front, there are more dry conditions out there," said Dan Smith, senior risk manager at Top Third Ag Marketing.
In the top wheat export country of Russia, virtually no rain was expected in the week ahead in dry southern belts, although some forecasts projected early November showers.
At 10:37 a.m. CDT (1523 GMT), Chicago Board of Trade December soft red winter wheat futures were up 7-1/4 cents at $6.30 a bushel.
CBOT December corn was 1/4 cent higher at $4.16-1/2 a bushel.
China's government is expected to issue more import quotas and buy millions of tonnes of additional corn in the new crop marketing year, three industry sources said.
Chinese customs data released on Friday showed that corn shipments for the first nine months of the year close to its annual low-tariff quota volume for the first time on record.
"Nearby corn contracts remain extremely relentless despite a massive, ongoing U.S. harvest, with the front end of all the grains still leading the way, rightfully popular with speculative traders amid colossal demand," StoneX director of market information Matt Zeller, said in a note.
The U.S. Agriculture Department on Friday said that private exporters reported the sale of 100,000 tonnes of corn to unknown destinations.
CBOT November soybeans were 4-1/4 cents lower at $10.69-1/2 a bushel. (Additoinal reporting by Gus Trompiz in Paris and Colin Packham in Sydney; Editing by Amy Caren Daniel, Tomasz Janowski and Richard Chang)
