Investing.com - U.S. corn futures traded rose to an eight-day peak on Monday, amid ongoing concerns over wet weather delaying planting in the U.S. grain belt.
On the Chicago Mercantile Exchange, US corn for May delivery hit a session high of $3.8160 a bushel, the most since April 8, before trading at $3.7963 during U.S. morning hours, up 0.23 cents, or 0.06%.
According to the U.S. Department of Agriculture, only 2% of the corn crop was planted as of April 12. The five-year average for this time of year is 5%.
Later in the day, the USDA will release updated crop progress numbers for the week ended April 17.
Meanwhile, US soybeans for May delivery inched up 4.9 cents, or 0.51%, to trade at $9.7350 a bushel after touching a daily peak of $9.7560, the strongest level since April 15.
Prices of the oilseed were boosted after China's central bank cut banks' reserve requirement ratios in a surprise decision over the weekend in an effort to spur economic activity.
The Asian nation is the world’s largest soybean consumer.
Gains were limited amid optimism over the outlook for supplies in South America. Brazil and Argentina are major soybean exporters and compete with the U.S. for business on the global market.
Large South American crop prospects could weigh on demand for U.S. supplies.
Elsewhere on the Chicago Board of Trade, US wheat for May delivery tacked on 1.75 cents, or 0.35%, to trade at $4.9675 a bushel, as investors returned to the market to seek cheap valuations in wake of recent losses.
The May wheat contract tumbled 25.0 cents, or 6.38%, last week, the biggest weekly loss since July, as weather models forecast much-needed rains in key U.S. wheat-growing states.
The USDA said that the U.S. winter wheat crop was rated 42% good to excellent as of last week. Approximately 34% of the crop was in good to excellent condition in the same week a year earlier.
The agency also said that 17% of the spring wheat crop was planted as of last week, compared to just 5% in the same week a year earlier and below the five-year average of 11% for this time of year.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.