US corn futures climbed to a nine-month peak on Monday on worries about Midwest planting delays as more rain is expected across the region this week and dry weather stoked concerns over South American corn production. US wheat futures also rallied as dry conditions stressed winter wheat in the southern Plains and cold weather stalled seeding of the northern Plains spring wheat crop.
Soyabeans retreated on profit taking. Corn planting in the Midwest and spring wheat seeding in the northern Plains have accelerated over the past week following a slow start, but midweek rains are expected to sideline farmers again.
Meanwhile, little rain is expected in the southern Plains winter wheat belt, which is likely to stress the developing crop further. Analysts polled by Reuters ahead of a weekly US Department of Agriculture crop progress report expect that 18 percent of the US corn crop had been planted as of Sunday, up from 5 percent the previous week but behind the five-year average of 27 percent. Spring wheat was expected to be 12 percent seeded, versus 36 percent on average.
Analysts also expected just 32 percent of the winter wheat crop to be rated good to excellent, up 1 point from the prior week. At 12:20 pm CST (1720 GMT), Chicago Board of Trade May soft red winter wheat was up 5-1/4 at $5.03-3/4 a bushel while July K.C. hard red winter wheat was up 2-1/2 at $5.33. July Minneapolis spring wheat was 3 cents higher at $6.11 a bushel.
CBOT July corn was up 2 cents at $4.00-1/2 a bushel after earlier touching a high of $4.04 a bushel, the loftiest level since August 10. Corn drew strength from worries over a drought-reduced corn crop in Argentina and dry weather possibly curbing Brazil's second crop of corn, which is in the critical pollination stage of development. CBOT July soyabeans were down 6-3/4 cents at $10.49-1/2 a bushel after earlier hitting a two-week high.