Investing.com - U.S. wheat futures declined for the ninth consecutive session on Monday, as market players continued to liquidate long positions amid easing concerns over tightening global supplies.
On the Chicago Mercantile Exchange, U.S. wheat for July delivery declined 0.78% or 5.22 cents to trade at $6.6838 a bushel during U.S. morning hours. Wheat fell to a daily low of $6.6588 a bushel earlier, the weakest since April 22.
Wheat prices have been under heavy selling pressure in recent sessions after the U.S. Department of Agriculture projected higher global supplies than analysts had expected earlier this month.
Wheat futures have declined for nine straight sessions including Monday, the worst losing streak since September 1998.
Market players looked ahead to the USDA’s weekly update on U.S. planting progress later in the day to gauge crop prospects.
Approximately 30% of the winter wheat crop was rated “good” to “excellent” as of last week. Winter-wheat crops in “very poor” to “poor” conditions stood at 42%.
Elsewhere on the CBOT, U.S. corn for July delivery slumped 0.8%, or 3.88 cents, to trade at $4.7913 a bushel. The July corn contract hit $4.7788 a bushel earlier in the session, the lowest since March 31.
Corn prices lost 4.7%, or 24.0 cents, last week as beneficial weather in the U.S. Midwest was expected to aid planting progress.
According to the USDA, nearly 59% of the U.S. corn crop was planted as of last week. The five-year average for this time of year is 58%.
Meanwhile, U.S. soybeans for July delivery eased up 0.05%, or 0.68 cents to trade at $14.6588 a bushel. The July soybean contract dipped 0.36%, or 5.2 cents on Friday to settle at $14.6500 a bushel.
The National Oilseed Processors Association said last week that processors crushed 132.66 million bushels of soybeans during April, roughly in line with market expectations.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.