Investing.com - U.S. corn futures fell to the lowest level since February on Monday, amid ongoing indications of rapid planting progress in the U.S. Midwest.
On the Chicago Mercantile Exchange, U.S. corn for July delivery fell to a session low of $4.6138 a bushel earlier in the day, the weakest level since February 28, before trimming losses to last trade at $4.6238 during U.S. morning hours, down 0.61%, or 2.82 cents.
Corn lost 0.8%, or 3.6 cents on Friday to settle at $4.6560 a bushel.
Market players looked ahead to the U.S. Department of Agriculture’s weekly update on U.S. planting progress later in the day to gauge crop prospects.
According to the agency, nearly 88% of the U.S. corn crop was planted as of May 27, compared to 73% in the preceding week. The five-year average for this time of year is 88%.
Elsewhere on the CBOT, U.S. wheat for July delivery hit a daily low of $6.1638 a bushel, the cheapest since March 3, before paring losses to trade at $6.2063, down 0.92%, or 5.78 cents.
Futures ended Friday’s session down 0.83%, or 5.2 cents to settle at $6.2720 a bushel.
Wheat prices have been under heavy selling pressure in recent weeks as market players liquidated long positions amid easing concerns over tightening global supplies.
Prices of the grain plunged 11.6% in May, the biggest monthly drop since September 2011.
Meanwhile, U.S. soybeans for July delivery shed 0.22%, or 3.33 cents to trade at $14.8988 a bushel. The July soybean contract lost 0.38%, or 5.6 cents on Friday to settle at $14.9320 a bushel.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.