Investing.com - U.S. grain futures were mixed in cautious trade on Thursday, as investors readjusted positions ahead of the U.S. Department of Agriculture’s closely-watched monthly supply and demand report due on Friday.
On the Chicago Mercantile Exchange, U.S. Soybeans for July delivery picked up 0.51%, or 7.42 cents to trade at $14.5363 a bushel during U.S. morning hours. The July soybean contract fell to $14.4160 a bushel on Wednesday, the lowest since March 31, before settling at $14.4620, down 0.91%, or 13.2 cents.
Prices of the oilseed have been on a downward trend in recent sessions amid indications of slowing demand from top consumer China and rising supplies in key South American producers, such as Brazil and Argentina.
Elsewhere on the CBOT, U.S. wheat for July delivery traded at $7.3563 a bushel, down 0.19%, or 1.38 cents. Prices lost 0.17%, or 1.2 cents on Wednesday to settle at $7.3760.
Wheat has been well-supported in recent weeks amid growing fears over dismal wheat crop conditions in the U.S. Great Plains region. Prices of the grain rallied to a 15-month high of $7.4400 a bushel on May 6.
According to the U.S. Department of Agriculture, approximately 31% of the U.S. winter wheat crop was rated “good” to “excellent” as of last week, down from 33% in the preceding week.
Winter-wheat crops in “very poor” to “poor” conditions rose to 38% from 34% in the preceding week.
Meanwhile, U.S. corn for July delivery inched down 0.16%, or 0.82 cents, to trade at $5.1338 a bushel. The July corn contract shed 0.68%, or 3.4 cents on Wednesday to settle at $5.1400 a bushel.
The USDA said that only 19% of the U.S. corn crop was planted as of last week. The five-year average for this time of year is 42%.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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