U.S. corn futures hold near 7-month low on U.S. planting progress

Investing.com - U.S. corn futures struggled near the lowest level in seven months on Thursday, amid indications of rapid planting progress in the U.S. Midwest.

On the Chicago Mercantile Exchange, US corn for July delivery inched up 1.88 cents, or 0.54%, to trade at $3.5188 a bushel during U.S. morning hours.

A day earlier, corn dropped to $3.4860, a level not seen since October 21, before closing at $3.4940, down 5.4 cents, or 1.55%.

According to the U.S. Department of Agriculture, approximately 92% of the corn crop was planted as of May 24, up from 85% in the preceding week. Nearly 86% of the crop was planted during the same week a year earlier, while the five-year average for this time of year is 88%.

Corn emergence rose to 74% last week from 56% a week earlier, above the five-year average of 62%.

Meanwhile, US wheat for July delivery advanced 5.93 cents, or 1.22%, to trade at $4.9312 a bushel. On Wednesday, wheat slumped to $4.8200, the weakest level since May 14, before ending down 5.6 cents, or 1.17%, at $4.8760.

Wheat has been under pressure in recent days after data showed that crop conditions in the Midwest held up last week despite heavy rainfall, which was expected to potentially damage the maturing winter-wheat crop.

Nearly 45% of the U.S. winter wheat crop was rated good to excellent as of May 24, unchanged from the preceding week.

The agency also said that nearly 96% of the spring wheat crop was planted as of May 24, up from 94% in the preceding week. Only 70% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 79%.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery tacked on 2.42 cents, or 0.26%, to trade at $9.2963 a bushel. Prices of the oilseed rose 4.4 cents, or 0.49%, on Wednesday to settle at $9.2700.

Soybeans fell to an almost eight-month low of $9.2040 on Tuesday after the USDA said that nearly 61% of the soybean crop was planted as of last week, up from 45% in the preceding week. Approximately 55% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 55%.

Soybean emergence was 32% complete, improving from 13% a week earlier, while the five-year average pace for the week is 25%.

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