U.S. soybean futures rally to 15-week high on crop concerns

Investing.com - U.S. soybean futures rose to a 15-week high on Tuesday, amid growing worries over crop conditions in the Midwest.

On the Chicago Mercantile Exchange, US soybeans for July delivery hit an intraday peak of $9.9588 a bushel, a level not seen since March 15, before trading at $9.9025 during U.S. morning hours, up 0.38 cents, or 0.04%. A day earlier, soybeans surged 18.0 cents, or 1.85%, to close at $9.8940.

The U.S. Department of Agriculture said Monday that nearly 65% of the soybean crop was in good to excellent condition as of June 14, down from 67% in the preceding week and compared to 72% in the year-earlier period.

Almost 90% of the soybean crop was planted as of last week up from 87% in the preceding week. Approximately 95% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 95%.

Soybean emergence was 84% complete, improving from 75% a week earlier, while the five-year average pace for the week is 87%.

Meanwhile, US wheat for July delivery tacked on 4.6 cents, or 0.92%, to trade at $5.0600 a bushel after touching a daily high of $5.0888, the most since June 12.

On Monday, wheat rallied 12.6 cents, or 2.61%, to end at $5.0120 amid concerns over the pace of the winter-wheat harvest.

According to the USDA, nearly 19% of the U.S. winter-wheat crop was harvested as of June 21, compared to 11% a week earlier. Approximately 31% of the crop was harvested in the same week a year earlier, while the five-year average for this time of year is 31%.

About 41% of the U.S. winter-wheat crop was rated good to excellent as of last week, down from 43% in the preceding week. The agency also said that nearly 71% of the spring-wheat crop was in good to excellent condition, compared to 70% a week earlier.

Elsewhere on the Chicago Board of Trade, US corn for July delivery hit a session peak of $3.6588 a bushel, the strongest level since June 10, before trading at $3.6188, up 1.27 cents, or 0.35%. Corn prices rose 6.6 cents, or 1.91%, on Monday to settle at $3.6000.

Approximately 71% of the corn crop was in good to excellent condition as of June 21, according to the USDA, down from 73% in the preceding week.

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