CBOT corn futures hit 2-week high, following wheat higher

CHICAGO, May 21 (Reuters) - Chicago Board of Trade corn futures rose to a two-week high on Wednesday, following wheat futures, as traders closely tracked progress of the U.S. crop set to be harvested this fall, market analysts said.

• Rains across much of the U.S. Midwest delayed planting and stoked concerns that total acreage could decline.

• But gains were limited as rains were seen boosting already planted crops, analysts said.

• CBOT July corn CN25 settled up 6-1/2 cents at $4.61 a bushel.

• Earlier in the session, the most-active CBOT corn contract on a continuous basis Cv1 touched a high of $4.62 a bushel - the highest price since May 7.

• Traders are closely watching the U.S. crop being planted, as the global stocks-to-use ratio for the upcoming marketing year is projected to be the tightest seen since severe drought across the U.S. Midwest ravaged fields in 2012, which sent grain prices soaring, market analysts said.

• Grain and oilseed futures gained support from the U.S. dollar =USD weakened again on Wednesday, after cautious remarks about the U.S. economy by Federal Reserve officials. USD/ A weaker dollar makes U.S. supplies cheaper in export markets.