US corn prices hit record levels on Thursday amid expectations that Friday’s update from the US Department of Agriculture would include downward revisions to production forecasts this year as planting in the Midwest has been hampered by bad weather.

CBOT May corn rose 17¾ cents to a record $6.19¼ a bushel, up 75 per cent over the past 12 months, and lifting other agricultural commodities. CBOT May wheat rose 30 cents to $8.25 a bushel. In Argentina, a farmers’ strike over export taxes paralysed trading at the country’s main agricultural market. That provided support for soyabean prices in Chicago as demand for US beans is expected to rise if supply disruption in Latin America persists. CBOT May soyabeans gained 7¾ cents at $13.05 a bushel.