CHICAGO, June 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures extended gains on Friday, with corn surging to five-year high amid concerns about further planting delay in prolonged wet weather.
The most active corn contract for July delivery was up 11 cents, or 2.49 percent at 4.53 U.S. dollars per bushel. July wheat was up 3 cents, or 0.56 percent to 5.385 dollars per bushel. July soybeans were up 8.75 cents, or 0.99 percent to 8.9675 dollars per bushel.
Spring storms and even floods have significantly delayed U.S. corn and soybean planting. Now weather forecasts indicate more thunderstorms on the way to affect the U.S. Midwest, which may further disrupt the seeding process.
Many market watchers predict that more corn acres may have to be switched to soybeans, which can be planted later than corn.
As a result, CBOT corn futures surged to the highest level since June 20, 2014.
CBOT wheat and soybeans also posted more gains on Friday, but obviously lost momentum. Enditem
