Investing.com - U.S. wheat futures declined for the first time in four sessions on Wednesday, as investors sold contracts to lock in gains from a recent rally that took prices to a 14-month high in the previous session.
On the Chicago Mercantile Exchange, U.S. wheat for July delivery traded at $7.3638 a bushel during U.S. morning hours, down 0.25%, or 1.82 cents.
Wheat prices rallied to $7.4400 a bushel on Tuesday, the most since February 19, 2013, before settling at $7.3900, up 1.37%, or 10.0 cents.
Wheat has been well-supported in recent weeks amid growing fears over dismal wheat crop conditions in the U.S. Great Plains region.
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.
Elsewhere on the CBOT, U.S. corn for July delivery inched up 0.15%, or 0.80 cents, to trade at $5.1800 a bushel. The July corn contract surged 1.87%, or 9.4 cents on Tuesday to settle at $5.1740 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%.
Meanwhile, U.S. soybeans for July delivery dipped 0.3%, or 4.40 cents to trade at $14.5500 a bushel. The July soybean contract fell to $14.4320 a bushel on Tuesday, the lowest since March 31, before settling at $14.5940, down 0.26%, or 3.6 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.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.