Corn rises for 2nd day on fears of US planting delays

SINGAPORE: Chicago corn futures rose for a second straight session on Monday, climbing to their highest since May 10, while soybeans gained more ground with cold and wet weather expected to delay planting in parts of the US Midwest.

Wheat rose to a two-week high as strong demand and forecast of heavy rains in US crop growing areas underpinned the market.

The Chicago Board Of Trade most-active corn contract was up 0.3 percent at $3.73-3/4 a bushel as of 0323 GMT, after climbing to its highest since May 10 at $3.74 a bushel.

Soybeans gained 0.5 percent to $9.58 a bushel, having firmed 0.9 percent on Friday.

Wheat added 0.7 percent to $4.38-1/4 a bushel, near the session high of $4.39-1/4 a bushel - the highest since May 8. Wheat closed up 2.2 percent on Friday.

"Bad weather is continuing to delay US planting of corn and soybeans," said Kaname Gokon from Tokyo brokerage Okato Shoji.

"There is lot of rain and cold weather in the Midwest."

Corn in some areas of the Midwest will need reseeding due to flooding and poor crop emergence, but farmers are running out of time. Corn planted after mid-May begins to lose yield potential.

Soybeans and corn were under pressure last week amid a slump in the Brazilian real, which saw farmers rush to sell their record supplies.

Wheat draws support as forecasts for rains across the United States stoke fears of production losses.

Export sales of US wheat in a weekly US government report on Thursday topped trade expectations, and Egypt's main state grain buyer purchased US wheat.

Still, the Egyptian government's first purchase of US wheat in more than two years was a stopgap measure to ensure it had enough supplies until offerings from its favoured sources in the Black Sea region were more readily available.

The condition of French soft wheat declined slightly last week, with 75 percent of crops rated good or excellent as of May 15, down from 76 percent a week earlier, farm office FranceAgriMer said on Friday.