Investing.com - U.S. corn prices rose to a nine-month high on Tuesday, amid mounting concerns over U.S. planting prospects.
On the Chicago Mercantile Exchange, U.S. corn for July delivery rose to a session high of $5.1938 a bushel, the most since July 24. Corn last traded at $5.1713 a bushel during U.S. morning hours, up 0.57%, or 2.92 cents.
July corn picked up 0.2%, or 1.0 cent, on Monday to settle at $5.1360 a bushel after the U.S. Department of Agriculture said that only 19% of the U.S. corn crop was planted as of April 27, below expectations for 21%. The five-year average for this time of year is 28%.
Meanwhile, U.S. soybeans for July delivery picked up 0.09%, or 1.40 cents to trade at $15.0100 a bushel. The July soybean contract advanced 0.38%, or 5.6 cents, on Monday to settle at $15.0000 a bushel.
The USDA said that 3% of the U.S. soybean crop was planted as of last week, compared to the five-year average of 4% for this time of year.
Elsewhere on the CBOT, U.S. wheat for July delivery shed 0.44%, or 3.12 cents, to trade at $7.0488 a bushel.
The July wheat contract rallied to $7.1700 a bushel on Monday, the most since March 24, before settling at $7.0840, up 0.04%, or 0.2 cents.
Wheat declined amid easing concerns over a disruption to supplies from Russia and the Ukraine.
The USDA projected that Russia and Ukraine will produce a combined 74 million tonnes of wheat in the 2013-14 marketing season and export a total of 26.5 million tonnes of the grain, representing 17% of world trade.
Losses were limited as market players continued to monitor weather and crop conditions in the U.S. Great Plains region.
According to the USDA, approximately 33% of the U.S. winter wheat crop was rated “good” to “excellent” as of last week, down from 34% in the preceding week.
Winter-wheat crops in “very poor” to “poor” conditions rose to 34% from 33% in the preceding week.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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