CBOT corn was trading above $4.38 a bushel, the highest since June 2016. Corn prices have soared 24 per cent since the start of the month amid wet weather conditions.
According to the latest crop progress report from the US Department of Agriculture, only 58 per cent of corn fields had been sown by the end of last week. That is far lower than the 90 per cent planted on average in the past five years.
“The window for corn planting is gradually closing if the risk of yield shortfalls is not to increase significantly,” said analysts at Commerzbank.
There are growing concerns about soyabean planting, with just 29 per cent of fields planted, lagging far behind the five-year average figure of 66 per cent.
Winter wheat is also suffering from the wet conditions, with 61 per cent of crops in good or excellent condition — down five percentage points from a week earlier, according to Commerzbank.