Investing.com - U.S. wheat prices edged higher on Tuesday, as mounting concerns over the health of the U.S. winter-wheat crop provided support.
On the Chicago Mercantile Exchange, wheat for May delivery held in a range between $6.7250 a bushel and $6.7888 a bushel. Wheat last traded at $6.7638 a bushel during U.S. morning hours, up 0.3%, or 2 cents.
The U.S. Department of Agriculture said Monday that that approximately 34% of the Kansas wheat crop was rated in good to excellent condition, down from 37% a week earlier, as dry and cold temperatures damaged crops. Kansas is the largest wheat producing state in the U.S.
The May wheat contract lost 1.86%, or 12.6 cents, on Monday to settle at $6.7440 a bushel as investors locked in gains from a recent rally amid easing concerns over a disruption to supplies from Ukraine.
During the past two weeks, wheat futures have risen nearly 14%, their biggest two-week rally since July 2012.
Meanwhile, corn futures for May delivery rose 0.9%, or 4.2 cents, to trade at $4.8263 a bushel. The May corn contract lost 1.44%, or 7 cents, on Monday to settle at $4.7900 a bushel.
Elsewhere on the CBOT, soybeans futures for May delivery picked up 0.85%, or 12 cents, to trade at $14.0363 a bushel. The May soybean contract added 0.23%, or 3.2 cents, on Monday to settle at $13.9160 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: