CHICAGO, July 8 (Reuters) - Chicago Board of Trade soybean futures rallied 1.4 percent on Friday on hotter and drier forecasts for important growing areas of the U.S. Midwest, traders said.
Concerns about the forecast also supported corn futures but the market closed off session highs as profit-taking weighed on prices after their run-up to the highest level since June 2016 during the session.
"The six to 10 day weather outlook shows warmer than average temperatures for most of the United States," said Derek Hullett, ag associate at CHS Hedging. "Precipitation levels will be average to slightly below average."
Wheat futures weakened on profit taking, with CBOT soft red winter wheat, K.C. hard red winter wheat and MGEX spring wheat turning lower after failing to broach recent multi-year highs.
Soybean futures hit a four-month high and closed near their peaks.
CBOT December corn futures ended up 2 cents at $4.04-3/4 a bushel. CBOT November soybeans were 16-1/4 cents higher at $10.15-1/2 a bushel.
Both soybeans and corn posted weekly gains of around 6 percent this week. It was the biggest weekly rally for soybeans since October 2014.
MGEX spring wheat for September delivery ended down 2-1/4 cents at $7.76-3/4 a bushel despite forecasts that raised the prospect of further yield deterioration to the already damaged crop.
"The dry and very hot conditions in the northern Plains continue to put severe stress on the spring wheat crop, especially in the northwestern Plains," MDA Weather Services said in a note to clients.
CBOT September soft red winter wheat futures were 4 cents lower at $5.35 a bushel. K.C. hard red winter wheat for September delivery was off 3-1/2 cents at $5.43 a bushel