Investing.com - U.S. soybean and corn futures regained strength on Tuesday, as investors returned to the market to seek cheap valuations following Monday’s sharp declines.
On the Chicago Mercantile Exchange, U.S. soybeans for July delivery rose 0.75%, or 10.97 cents to trade at $14.7638 a bushel, during U.S. morning hours. The July soybean contract tumbled 1.46%, or 21.6 cents on Monday to settle at $14.6520 a bushel.
The U.S. Department of Agriculture said Monday that approximately 20% of the U.S. soybean crop was planted as of May 11, up from 5% in the preceding week and broadly in line with the five-year average of 21% for this time of year.
Elsewhere on the CBOT, U.S. corn for July delivery advanced 0.61%, or 3.05 cents, to trade at $5.0225 a bushel.
The July corn contract lost 1.58%, or 8.0 cents on Monday to settle at $4.9940 a bushel, the weakest level since May 5.
The USDA said that 59% of the U.S. corn crop was planted as of last week, compared to 29% a week earlier, as beneficial weather in the U.S. Midwest aided planting. The five-year average for this time of year is 58%.
Meanwhile, U.S. wheat for July delivery declined 0.23% or 1.62 cents to trade at $7.1338 a bushel. Prices of the grain dropped 1.04%, or 7.4 cents on Monday to settle at $7.1500 a bushel.
Approximately 30% of the U.S. winter wheat crop was rated “good” to “excellent” as of last week, down from 31% in the preceding week. Winter-wheat crops in “very poor” to “poor” conditions rose to 42% from 38% 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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