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Corn and soybeans rallied for the second day amid concerns that planting delays caused by cold, wet weather will reduce crop yields in the U.S.

Corn futures for July delivery gained 1.1 percent or 6.75 cents to $6.13 a bushel on the Chicago Board of Trade and the prices posted the highest gain of $6.2425 on May 2.

Soybean futures for July delivery increased by 2.5 percent or 32 cents to $13.09 a bushel in Chicago and the prices have dropped by 17 percent down the highest record of $15.8625 which was posted on March 4.

The Midwest including Mohawk and Michigan received more than 2.5 centimeters of rainfall, which is expected to halt planting for the next several days.

Data from the U.S. Department of Agriculture (USDA) showed that U.S. farmers in the top 18 producing states had planted 27 percent of the Corn Crop by May 4, compared with 59 percent on average planted in the previous five years.

The USDA said that about 5 percent of the soybeans had been planted compared with an average of 14 percent in the past five years.

Corn and Soybean prices rallied boosted by speculation that farmers in Argentine will block trucks carrying newly harvested crops to in protest to the increased taxes.

Argentine is the world's largest exporter of animal feed and vegetable oil made from soybeans and is the second largest shipper of corn.

The United States is the world's largest producer and exporter of corn and soybean.