Chicago Board of Trade (CBOT) corn futures extended their rally for a fifth straight session on Friday, as forecasts of heavy rain sweeping a wide path across the US Midwest next week fueled concerns about worsening planting delays. CBOT July corn settled up 4-1/4 cents at $3.83-1/4 cents a bushel. Earlier in the day, the contract hit a high of $3.84-3/4 earlier in the day, the highest price seen since March 27.

For the week, the July contract rose 31-1/2 cents a bushel, or 8.95%. Corn seeding snags have raised the prospect that farmers will shift some areas to later-planted soy, while renewed tensions in US-China trade talks have dampened hopes for a swift return to massive soybean shipments between the two countries.

Showers over the next 10 days are threatening to further slow planting from the Dakotas to Illinois, regions that have endured torrential rain this spring, the Commodity Weather Group said on Friday in a note to clients.

Copyright Reuters, 2019