CANBERRA, Oct 17 (Reuters) - Chicago corn futures extended gains into a fourth session on Friday, and were set for their first weekly gains in five weeks, as traders speculated U.S. harvest yields could fall short of estimates and rain forecasts threatened to delay field work. Soybean futures also rose after the National Oilseed Processors Association reported a much stronger than expected September soy crush. Meanwhile, wheat was unchanged, having been pulled higher in recent days by rising corn futures and short-covering after prices fell to five-year lows earlier in the week. FUNDAMENTALS * The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.1% to $4.22-1/4 a bushel by 0055 GMT, up 2.3% from last Friday. * CBOT soybeans added 0.3% to $10.13-1/2 a bushel and were set for a 0.7% weekly gain, while wheat was flat at $5.02-1/2 a bushel and up 0.8% for the week. * All three crops have fallen sharply since 2022 due to abundant supply. * A softening dollar, which makes U.S. commodities cheaper for buyers with other currencies, has been supporting prices in recent days. * Commodity funds have been net buyers of all three crops since Tuesday, according to traders. * Market moves remain cautious due to a U.S. government shutdown that has halted the release of key crop data, but traders continue to speculate on supply and demand. * For corn, "anecdotal yield reports are not revealing a change from the trend of 'not as good as originally estimated'," StoneX analyst Bevan Everett said. "This leads the market to trade a smaller crop until proven incorrect." * Hanging over the market is an escalation in U.S.-China trade tensions over the last week that dampened hopes that China could resume purchases of U.S. soybeans and other crops. * China's boycott of U.S. soy has weighed on U.S. prices. High premiums for Brazilian beans mean China has yet to secure much of its supply for December and January, sources said, but Beijing has state reserves it could use to meet near-term needs. * Top wheat exporter Russia resumed shipments to Indonesia in October, adding to expectations that Russian exports will accelerate following a slow start to the season. * A cold front over Argentina's agricultural heartlands next week could affect wheat yields, the Buenos Aires grains exchange said. MARKETS NEWS * Wall Street stocks ended lower, while gold prices surged on Thursday as declining financial shares and simmering trade tensions between the United States and China dampened investor enthusiasm. (Reporting by Peter Hobson; Editing by Sumana Nandy) (The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
