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Grain futures; U.S. corn trades near 14-week low on planting progress
By INVESTING.COM
06/03/2014
 
Investing.com

Investing.com - U.S. corn futures traded near the lowest level since February on Tuesday, after a report from the U.S. Department of Agriculture showed rapid planting progress in the U.S. Midwest last week.

On the Chicago Mercantile Exchange, U.S. corn for July delivery fell to a session low of $4.6188 a bushel earlier in the day before trimming losses to last trade at $4.6213 during U.S. morning hours, down 0.62%, or 2.88 cents.

Corn fell to $4.6020 on Monday, the lowest since February 28, before settling at $4.6540, down 0.05%, or 0.2 cents.

The USDA said Monday that nearly 95% of the U.S. corn crop was planted as of June 1, compared to 88% in the preceding week. The five-year average for this time of year is 94%.

Elsewhere on the CBOT, U.S. wheat for July delivery shed 0.28%, or 1.75 cents, to trade at $6.1925 a bushel. Prices fell to $6.1620 a bushel on Monday, the cheapest since March 3, before settling at $6.2060, down 1.04%, or 6.4 cents.

According to the USDA, 30% of the U.S. winter wheat crop was rated “good” to “excellent” as of last week, unchanged from the preceding week. Winter-wheat crops in “very poor” to “poor” conditions held steady at 44%.

Meanwhile, nearly 88% of the spring wheat crop was planted as of last week, improving from 74% in the preceding week.

Wheat prices have been under heavy selling pressure in recent weeks as market players liquidated long positions amid easing concerns over tightening global supplies.

Meanwhile, U.S. soybeans for July delivery shed 0.57%, or 8.53 cents to trade at $14.9188 a bushel. The July soybean contract tacked on 0.49%, or 7.2 cents on Monday to settle at $15.0040 a bushel.

Approximately 78% of the U.S. soybean crop was planted as of June 1, up from 59% in the preceding week and above the five-year average of 70% for this time of year.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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