Corn increased on Tuesday amid concerns that U.S. farmers will plant less grain this year reducing supplies to produce animal feed and ethanol.

Corn futures for May delivery increased by 2.4 percent or 13.75 cents to $5.81 a bushel on the Chicago Board of Trade.

Corn futures have increased by 27 percent this year due to an increase in demand for the grain.

Corn planting was forecasted to decrease by 8.1 percent to 86 million acres from 96.3 million last year.

Low temperatures from Missouri to New York were also forecasted to reduce corn plantings after some corn fields experienced rainfall as high as 33 centimeters last month.

Corn consumption, by Feb. 29 had increased by 19 percent to 3.41 billion bushels from last year due to an increase in the production of ethanol and animal feed, and high corn exports.

Corn is the biggest U.S. crop valued at $52.1 billion.

New York