Investing.com - U.S. wheat futures edged lower on Tuesday, as investors booked profits from the previous session’s 3% rally, which was sparked by mounting concerns over the health of the U.S. winter-wheat crop.
On the Chicago Mercantile Exchange, U.S. wheat for May delivery declined 0.66%, or 4.7 cents, to trade at $7.0888 a bushel during U.S. morning hours.
The May wheat contract soared 3.07%, or 21.2 cents, on Monday to settle at $7.1440 a bushel. Prices of the grain surged to an 11-month peak of $7.2340 a bushel on March 20. Futures have risen nearly 16% in March.
The U.S. Department of Agriculture said Monday that that approximately 33% of the Kansas wheat crop was rated in good to excellent condition, down from 34% a week earlier, as dry and cold temperatures damaged crops.
Nearly 21% of the crop was poor to very poor conditions, compared with 20% a week earlier. Kansas is the largest wheat producing state in the U.S.
Elsewhere on the CBOT, U.S. corn futures for May delivery slumped 0.56%, or 2.7 cents, to trade at $4.8688 a bushel.
The May corn contract rallied 2.3%, or 11.0 cents, on Monday to settle at $4.9000 a bushel.
Corn prices weakened following China's cancellation of 21,800 tonnes of U.S. shipments after detecting an unapproved genetically-modified strain.
The Asian nation has turned away approximately 908,800 tonnes of U.S. corn since November.
Meanwhile, U.S. soybeans futures for May delivery dipped 0.08%, or 1.1 cents, to trade at $14.2513 a bushel. The May soybean contract rose 1.19%, or 16.6 cents, on Monday to settle at $14.2540 a bushel.
Soybeans prices remained supported amid indications of strong export demand for U.S. supplies.
The USDA said on Monday that weekly export inspections of soybeans were 732,132 tonnes, up 45% from the same week a year earlier.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.