Grain futures - weekly outlook: November 17 - 21

Investing.com - U.S. wheat futures rallied for the fifth consecutive session on Friday to hit the highest level in more than two months as forecasts showing adverse weather conditions across the U.S. grain belt supported prices. Corn and soybeans fell on profit-taking.

On the Chicago Mercantile Exchange, US wheat for December delivery picked up 6.6 cents, or 1.22%, on Friday to end the week at $5.6040 a bushel.

Wheat prices hit a daily high of $5.6440 a bushel earlier in the session, the most since September 2.

On the week, the December wheat contract surged 46.0 cents, or 8.2%, the biggest weekly gain in two years, amid concern freezing temperatures in the U.S. Midwest could harm winter-wheat crop prospects.

Meanwhile, US corn for December delivery shed 4.4 cents, or 1.17%, on Friday to settle the week at $3.8160 a bushel by close of trade.

Despite Friday's downbeat performance, the December corn contract rose 14.2 cents, or 3.72%, amid speculation frigid weather in key U.S. corn-growing states will delay the pace of the harvest.

Prices of the grain hit $3.8900 a bushel on Thursday, the highest level since July 10.

Elsewhere on the Chicago Board of Trade, US soybeans for January delivery tumbled 31.0 cents, or 2.94%, on Friday to settle the week at $10.2240 a bushel by close of trade on Friday.

On the week, the January soybean contract lost 14.2 cents, or 1.36%, the second straight weekly decline.

Prices of the oilseed hit a two-and-a-half month peak of $10.8620 a bushel on Wednesday as high demand for soybean products, such as soymeal boosted prices.

In the week ahead, market players will focus on the release of key USDA data, including crop progress and weekly export sales figures.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.