Investing.com - U.S. corn futures swung between small gains and losses on Thursday, amid ongoing expectations for a record U.S. corn crop.
On the Chicago Mercantile Exchange, U.S. corn for September delivery eased up 0.14%, or 0.62 cents, to trade at $4.3688 during U.S. morning hours. Futures held in a range between $4.3513 and $4.3838 a bushel.
The September corn contract ended Wednesday’s session down 0.23%, or 1.0 cent, to settle at $4.3560 a bushel.
Prices of the grain remained under pressure as rains across key growing regions added to expectations of a bumper U.S. corn crop. The U.S. Department of Agriculture forecast a record-high U.S. corn crop of 13.935 billion bushels this season.
According to the agency, nearly 74% of the U.S. corn crop was rated “good” to “excellent” as of June 22.
Meanwhile, U.S. wheat for September delivery tacked on 0.28%, or 1.62 cents, to trade at $5.8663 a bushel.
September wheat futures fell to a four-month low of $5.7700 on Wednesday, before turning higher to settle at $5.8420, up 0.6%, or 3.4 cents.
Nearly 33% of the U.S. winter wheat crop was harvested as of last week, up from 16% in the preceding week and above the five-year average of 31% for this time of year.
Elsewhere on the CBOT, U.S. soybeans for August delivery advanced 0.41%, or 5.6 cents, to trade at $13.6800 a bushel. The August contract ended Wednesday’s session up 0.29%, or 4.0 cents, to settle at $13.6160.
Approximately 62% of the U.S. soy crop was rated “good” to “excellent” as of last week, while 95% of the crop was planted.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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