Grain futures - Wheat trades at 8-month low on beneficial crop weather

Investing.com - U.S. grain futures were mixed during European morning hours on Monday, with wheat prices trading at the lowest level since June amid receding concerns over crop conditions in the U.S. Great Plains-region.

On the Chicago Mercantile Exchange, wheat for March delivery traded at USD7.1300 a bushel, down 0.35% on the day.

The March contract slumped by as much as 0.9% earlier to hit a session low of USD7.0850 a bushel, the weakest level since June 25.

Wheat prices continued their downward march after heavy snow fell in major wheat-growing states in the Great Plains-region, such as Kansas and Oklahoma, last week.

Wheat traders have been closely monitoring weather and crop conditions in the area, where prolonged dryness threatens now-dormant winter wheat crops.

Meanwhile, soybeans futures for March delivery traded at USD14.6700 a bushel, up 0.35% on the day.

The March contract fell by as much as 0.6% earlier in the session to hit a daily low of USD14.5300 a bushel, the cheapest level since February 19.

Soy prices turned higher amid speculation a disruption to supplies from major South American growers Argentina and Brazil will lead to improved demand for U.S. soybeans.

Elsewhere, corn futures for March delivery traded at USD6.9325 a bushel, up 0.1% on the day. The March contract fell by as much as 0.35% earlier in the day to hit a session low of USD6.8725 a bushel, the lowest level since February 13.

Corn’s gains were limited amid a weak technical picture after prices broke below the key psychological USD7.00-a-bushel level last week.

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