Grain futures - weekly outlook: June 22 - 26

Investing.com - U.S. soybean futures declined for the first time in four sessions on Friday, as investors cashed out of the market to lock in gains from a recent rally which took prices to six-week highs.

On the Chicago Mercantile Exchange, US soybeans for July delivery dipped 6.2 cents, or 0.64%, on Friday to close at $9.7140 a bushel. Prices of the oilseed rallied to $9.8160 on Thursday, the highest level since May 11.

For the week, the July soybean contract jumped 31.25 cents, or 3.37%, the fourth consecutive weekly gain, amid growing concerns over U.S. crop conditions.

Nearly 67% of the soybean crop was in good to excellent condition as of June 14, according to the U.S. Department of Agriculture, down from 69% in the preceding week and compared to 73% in the year-earlier period.

Almost 87% of the soybean crop was planted, below the five-year average pace of 90% for this time of year.

Elsewhere on the Chicago Board of Trade, US wheat for July delivery hit an intraday low of $4.8340 a bushel, a level not seen since June1, before recovering to settle at $4.8840, up 0.4 cents, or 0.1%.

On the week, the July wheat contract tumbled 14.37 cents, or 3.05%, the second straight weekly loss, amid speculation beneficial weather conditions in key U.S. wheat-growing states may boost the pace of the harvest.

Approximately 11% of the U.S. winter-wheat crop was harvested as of June 14, below the 15% harvested in the same week a year earlier and trailing the five-year average of 20% for this time of year.

Meanwhile, US corn for July delivery dropped 4.6 cents, or 1.33%, on Friday to end at $3.5320 a bushel. A day earlier, corn dipped 1.2 cents, or 0.35%, to end at $3.5800. On the week, corn futures inched up 0.38 cents, or 0.07%.

According to the USDA, approximately 73% of the corn crop was in good to excellent condition as of June 14, down from 74% in the preceding week.

In the week ahead, market players will focus on the release of key USDA data, including crop progress and weekly export sales figures.

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