CHICAGO: US corn futures eased for a third straight session on Friday, pressured by forecasts for dry conditions and moderating temperatures in the Midwest late next week that could allow farmers to plant in the world's largest producer of the grain, traders said.

Most-active Chicago Board of Trade May corn futures posted the longest streak of declines since February and declined for the week for the first time in a month.

Prices remained near the seven-month high notched earlier this week, supported by a late start to the spring planting season and a US Agriculture Department report earlier this week that forecast tighter-than-expected ending stocks in the United States.

The CME Group showed open interest in corn, the largest agricultural derivatives contract, reached 1.4 million contracts on Thursday - the largest open interest since the summer of 2011.

Warm and dry conditions this weekend will be interrupted by a storm system starting Sunday before the favorable planting conditions return after Tuesday, meteorologists said.

Cash bids for corn were steady to slightly higher at US export and domestic markets as farmers delayed sales during the dip in futures this week.

China has rejected nearly 1.45 million tonnes of US corn shipments since late last year, according to a US grain industry association, the Wall Street Journal reported on Friday. -Reuters