* Soybeans at highest since June 2016, up 12% this month * Strong demand and dry South American weather support * Corn hits highest since July 2019, wheat rises (Rewrites throughout with U.S. market open, adds quote, updates prices, changes byline, changes dateline from PARIS/SINGAPORE) CHICAGO, Nov 20 (Reuters) - U.S. soybean futures rose for a sixth consecutive session on Friday and hit a four-year high on dry conditions in key South American crop areas and concerns about dwindling U.S. supplies. Corn and wheat followed soybeans higher, although end-of-week profit-taking pulled all three markets from earlier highs. Soybeans and corn are poised for weekly gains for a third straight week, while wheat is on pace to reverse last week’s losses. “There is a scarcity concern in the market this year,” said Rabobank commodity analyst Michael Magdovitz. “We’re getting into the period when there is a higher moisture requirement for the Brazilian crop and when there is not so much U.S. crop left to be sold.” While some rain has reached Brazilian and Argentine grain belts, more moisture was seen as needed to complete soybean and corn planting and boost crop development. Argentine soy planting advanced sharply over the past week after rains in key drought-hit areas, the Buenos Aires Grains Exchange said on Thursday, though much of the country remained dry. “The South American forecast still looks dry for most of Argentina, and warmer than expected. It’s a very concerning weather forecast,” said Brian Hoops, president of U.S. broker Midwest Market Solutions. Chicago Board of Trade (CBOT) January soybean futures was up 5-1/4 cents at $11.82-3/4 a bushel at noon CST (1800 GMT) after peaking earlier at $11.96.3/4, the highest for a most-active contract since June 13, 2016. December corn futures were a penny higher at $4.23-1/2 a bushel after reaching a session high of $4.28, the loftiest level for a most active contract since July 24, 2019. CBOT December wheat gained 4-3/4 cents to $5.96-1/2 a bushel.