CBOT corn rallies as US planting delays persist

CHICAGO: Chicago Board of Trade corn futures jumped 4.1% to their highest in nearly three years on Tuesday as heavy weekend rains across the US Midwest again kept farmers out of their fields and stymied efforts to catch up on much-delayed planting tasks.

* The most-active CBOT corn contract peaked at $4.21, its highest since June 21, 2016.

* Forecasts for more rain in key growing areas during the next 10 days also contributed to the strength in the corn market.

* Analysts were expecting a US Agriculture Department report on Tuesday afternoon to show that corn planting was just 63% complete as of May 26. The five-year average is 90%.

* CBOT July corn futures rose above the high end of their 20-day Bollinger range.