Investing.com - U.S. wheat and corn futures held near multi-month lows on Tuesday, as sentiment remained downbeat amid ongoing indications of rapid planting progress in the U.S. Midwest.
On the Chicago Mercantile Exchange, U.S. wheat for July delivery shed 0.18%, or 1.07 cents, to trade at $6.1213 a bushel during U.S. morning hours. Wheat lost 0.93%, or 5.6 cents, on Monday to settle at $6.1240.
The U.S. Department of Agriculture said Monday that nearly 95% of the U.S. spring wheat crop was planted as of June 8, improving from 88% in the preceding week.
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 fell to a three-month low of $6.0300 a bushel on June 6.
Elsewhere on the CBOT, U.S. corn for July delivery eased up 0.38%, or 1.73 cents, to trade at $4.5213 a bushel. Corn fell to $4.4540 on Monday, the lowest since February 18, before settling at $4.5100, down 1.74%, or 8.0 cents.
Nearly 75% of the U.S. corn crop was rated “good” to “excellent” as of last week, compared to 63% in the same week a year earlier.
Meanwhile, U.S. soybeans for July delivery tacked on 0.43%, or 6.22 cents to trade at $14.6363 a bushel.
The July soybean contract declined to $14.5200 on Monday, the weakest level since May 8, before trimming losses to end little changed at $14.5700 a bushel.
Approximately 87% of the U.S. soybean crop was planted as of last week, up from 78% in the preceding week and above the five-year average of 81% 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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