US corn futures hit an 8-year high as adverse weather conditions in some key growing regions increased concerns over global supplies.

Corn is experiencing record prices in the US recently. The prices are also supported by dry weather conditions in Brazil affecting corn yields and cold weather delaying germination of 2021 American crop.

May corn futures on the CBOT ended 14-1/2 cents at US$6.06-1/2 per bushel after hitting US$6.11-3/4, its highest price since June 2013 on a continuous chart of the most-active contract.

July soybean futures on the CBOT closed 21-1/4 cents at US$14.57-3/4 a bushel after reaching US$14.71-1/2, the highest since June 2014 for a most-active soybean contract.

CBOT July wheat ended 7-1/2 cents at US$6.61-1/4 a bushel.

Corn, soybean and wheat set life-of-contract highs, as well as several soybean oil contracts.

Experts say commodity funds' speculative buying is a factor, adding that CBOT operator the Chicago Mercantile Exchange (CME) Group expanded position limits in grain futures last month.

Market sources said soybean prices are high also due to tensions in related vegetable oil and biodiesel markets, as a highly unusual trade of two shipments of Ukrainian rapeseed were sold to Canadian purchasers this month.

Brazil has recently suspended soy, soybean meal, soybean oil, and corn import tariffs until the end of 2021 in an attempt to curb high inflation.