Investing.com - U.S. wheat and corn futures rose on Monday, as excessive rain in the U.S. over the weekend sparked concerns over crop prospects.
On the Chicago Mercantile Exchange, U.S. wheat for September delivery rose to a session high of $6.0088 a bushel, the most since June 11, before trimming gains to last trade at $5.9813 during U.S. morning hours, up 0.8%, or 4.72 cents.
Meanwhile, U.S. corn for September delivery hit a daily peak of $4.5300 a bushel, the strongest level since June 10, before paring gains to last trade at $4.5163, up 0.72%, or 3.23 cents.
Market players snapped up wheat and corn contracts as heavy rains across the Midwest and Great Plains-region over the weekend renewed concerns of potential quality downgrades and delays in harvesting.
Grain traders 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.
Elsewhere on the CBOT, U.S. soybeans for August delivery rallied 1.1%, or 14.93 cents, to trade at $13.7713 a bushel.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
Please LIKE our Facebook page - it makes us stronger: