Investing.com - U.S. corn futures fell to an 11-week low on Wednesday, amid ongoing expectations of rapid planting progress in the US Midwest.
On the Chicago Mercantile Exchange, U.S. corn for July delivery hit a session low of $4.7275 a bushel, the weakest level since March 4, before turning modestly higher to trade at $4.7438 during U.S. morning hours, up 0.21%, or 0.97 cents.
The July corn contract ended Tuesday’s session down 0.79%, or 3.6 cents, to settle at $4.7340 a bushel.
According to the U.S. Department of Agriculture, nearly 73% of the U.S. corn crop was planted as of last week, up from 59% in the preceding week, as beneficial weather aided farmers.
Meanwhile, U.S. wheat for July delivery eased up 0.25% or 1.65 cents to trade at $6.7225 a bushel. Wheat declined 0.59%, or 4.0 cents, on Tuesday to end at $6.7040 a bushel.
The USDA said that approximately 29% of the U.S. winter wheat crop was rated “good” to “excellent” as of last week. Winter-wheat crops in “very poor” to “poor” conditions rose to 44% from 42% a week earlier.
Meanwhile, nearly 49% of the spring wheat crop was planted as of last week, below the five-year average of 68% for this time of year.
Wheat prices have been under heavy selling pressure in recent sessions after the USDA projected higher global supplies than analysts had expected earlier this month.
Elsewhere on the CBOT, U.S. soybeans for July delivery added 0.39%, or 5.67 cents to trade at $14.7588 a bushel. The July soybean contract lost 1.04%, or 15.4 cents on Tuesday to settle at $14.6960 a bushel.
Approximately 33% of the U.S. soybean crop was planted as of last week, up from 20% in the preceding week but below the five-year average of 38% for this time of year.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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