SINGAPORE: Chicago corn futures rose on Tuesday, climbing back near last week's three-year high after the US Department of Agriculture reported that planting was well behind the average pace for this time of year.
Soybeans gained 1.1pc, up for a second session, while wheat slid around half a percent.
The most-active corn contract on the Chicago Board of Trade was up 1.6pc at $4.31 a bushel, as of 0726 GMT, having closed the previous session 0.6pc weaker.
The market last week climbed to its highest since 2016 at $4.38 a bushel.
Wet weather continued to plague US farmers last week, especially in the Eastern Corn Belt, as planting progress for corn and soybeans likely failed to advance as much as needed given the already slow pace.
The Crop Watch growers in Indiana and Ohio did not report that much progress had been made.
The climb in prices came after the USDA said US corn planting was 67pc complete, as of Sunday, behind market estimates and well below the average pace of 96pc at this time of year.
Analysts had expected the USDA to peg planting at between 68pc and 76pc complete.
"Think we are comfortable that acres lost in the US will be 5-10 million acres, which will mean a loss of 20-40 million tonnes from the projected crop," said Ole Houe, director of advisory services at brokerage IKON Commodities.
"But we ... started the year with 62 million tonnes in stocks - well above the 10-year average level of 40 million tonnes."
Wheat was down 0.4pc at $5.17-3/4 a bushel, after earlier marking its highest since Feb. 6 at $5.29 a bushel. Soybeans climbed 1.1pc at $8.88-3/4 a bushel, having closed 0.1pc higher on Monday.
The USDA said 39pc of the US soybean crop was planted, at the low-end of market estimates.
In China, Dalian soybean futures rose 1pc and soymeal prices gained 2.1pc, tracking gains in US markets.
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