Chicago Board of Trade (CBOT) corn futures firmed on Monday as rainy weather in the US Midwest and forecasts for more rain throughout this week fuelled concerns about prolonged spring planting delays, traders said. CBOT July corn settled up 1/2 cent at $3.61-3/4 per bushel after touching a one-week high during the session.
Forecasts call for more rain over the next several days that could further delay planting in the Midwest and potentially encourage farmers to switch some acres intended for corn to soyabeans. Analysts polled by Reuters expect, on average, for the US corn crop to be 14 percent planted. The US Department of Agriculture is due to release its weekly crop progress report later on Monday.