Investing.com - U.S. grain futures were mostly lower on Thursday, with wheat prices falling from the previous session’s ten-month peak as investors locked in gains from a recent rally.
On the Chicago Mercantile Exchange, wheat for May delivery fell to a session low of $7.0913 a bushel during U.S. morning hours, down 0.75%, or 5.4 cents.
The May wheat contract surged to $7.1840 a bushel on Wednesday, the most since May 10, before trimming gains to settle at $7.1560 a bushel, up 3.36%, or 23.2 cents.
Wheat has been well-supported in recent weeks amid mounting concerns over the health of the U.S. winter-wheat crop.
According to the U.S. Department of Agriculture, approximately 34% of the Kansas wheat crop was rated in good to excellent condition as of last week, down from 37% a week earlier. Kansas is the largest wheat producing state in the U.S.
Wheat futures have risen nearly 16% in March.
Elsewhere on the CBOT, corn futures for May delivery shed 0.85%, or 4 cents, to trade at $4.8338 a bushel. The May corn contract picked up 0.31%, or 1.4 cents, on Wednesday to settle at $4.8760 a bushel.
Meanwhile, soybeans futures for May delivery inched up 0.1%, or 1.1 cents, to trade at $14.3313 a bushel. The May soybean contract rallied 0.92%, or 13 cents, on Wednesday to settle at $14.3120 a bushel.
Soybeans prices have gained in each of the past three trading sessions amid indications of robust demand for U.S. supplies.
The National Oilseed Processors Association said on Monday its U.S. members crushed 141.612 million bushels of soybeans in February, above market expectations for 140.9 million bushels.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.