Investing.com - U.S. corn and wheat futures fell to the lowest level since March on Tuesday, as forecasts of improved weather in key growing regions in the U.S. and ample global supplies weighed on the market.
On the Chicago Mercantile Exchange, U.S. corn for July delivery hit a session low of $4.7038 a bushel earlier in the day, the weakest level since March 4, before trimming losses to trade at $4.7188 a bushel during U.S. morning hours, down 1.12%, or 5.33 cents.
Corn prices have been under pressure in recent weeks amid ongoing expectations of rapid planting progress in the US Midwest.
According to the U.S. Department of Agriculture, nearly 73% of the U.S. corn crop was planted as of May 18, compared to 59% in the preceding week, as beneficial weather aided farmers.
Market players looked ahead to the USDA’s weekly update on U.S. planting progress later in the day to gauge crop prospects in the week ending May 25.
Meanwhile, U.S. wheat for July delivery hit a daily low of $6.4138 a bushel, the cheapest since March 11, before paring losses to trade at $6.4325, down 1.37%, or 8.95 cents.
Market participants continued to liquidate long positions amid easing concerns over tightening global supplies.
Wheat prices have been on a downward trend ever since the USDA projected higher global supplies than analysts had expected earlier this month.
Elsewhere on the CBOT, U.S. soybeans for July delivery lost 0.9%, or 13.65 cents to trade at $15.0175 a bushel.
Soy’s losses were limited amid ongoing concerns over tightening U.S. supplies due to robust export demand.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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