SYDNEY/PARIS: US corn futures hit a five-week high on Thursday as forecasts for further adverse weather stoked fears over potential yield losses.
Soybeans edged lower while wheat extended gains into a second session, drawing support from corn.
The most active corn futures on the Chicago Board of Trade rose 0.3 percent to $3.69-1/2 a bushel by 1100 GMT, near the session high of $3.69-3/4, the highest since March 29. Corn gained 1.7 percent in the previous session.
Forecasts for further rains across the US Midwest underpinned the gains, analysts said.
"The wet weather that has dogged US corn planting is forecast to continue. Weather forecasters are extending unseasonably wet forecasts for some corn regions into mid-May," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
"The planting clock is ticking louder by this time because late planting generally reduces yields significantly."
The US Department of Agriculture this week said that 15 percent of the US corn crop had been planted as of April 28, in line with a year ago but well behind the 27 percent average.
"If this lasts for two to three, farmers may be tempted to switch part of their corn areas to soybeans," French consultancy Agritel said in a note.
The most active soybean futures were down 0.2 percent at $8.50 a bushel, having fallen 0.3 percent on Wednesday when prices hit a low of $8.44-1/4, the lowest since Oct. 29.
Analysts continue to watch for signs of progress in the US-China trade talks.
The two nations held what US Treasury Secretary Steven Mnuchin described as productive trade talks in Beijing on Wednesday and will continue discussions in Washington next week.
The most active wheat futures rose 0.6 percent to $4.38-3/4 a bushel, having closed 1.7 percent up on Wednesday, lifted by short-covering and concerns about delayed spring wheat planting.
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