U.S. soybean futures slump to 7-month low on planting progress

Investing.com - U.S. soybean futures fell to a seven-month low on Wednesday, amid indications of rapid planting progress in the U.S. Midwest last week.

On the Chicago Mercantile Exchange, US soybeans for July delivery hit an intraday low of $9.3663 a bushel, a level not seen since October 20, before paring losses to last trade at $9.4088 during U.S. morning hours, down 5.32 cents, or 0.56%. A day earlier, soybeans lost 8.2 cents, or 0.86%, to settle at $9.4620.

Nearly 45% of the soybean crop was planted as of May 17, according to the U.S. Department of Agriculture, up from 31% in the preceding week. Nearly 31% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 36%.

Meanwhile, US corn for July delivery shed 0.57 cents, or 0.16%, to trade at $3.6063 a bushel. On Tuesday, corn dropped 6.0 cents, or 1.63%, to close at $3.6200.

According to the USDA, approximately 85% of the corn crop was planted as of last week, up from 75% in the preceding week. Nearly 71% of the crop was planted during the same week a year earlier, while the five-year average for this time of year is 75%.

Corn emergence was 56% complete, improving from 29% a week earlier, while the average pace for mid-May is 40%.

Elsewhere on the Chicago Board of Trade, US wheat for July delivery slumped 1.73 cents, or 0.34%, to trade at $5.0788 a bushel. On Tuesday, wheat tumbled 11.4 cents, or 2.2%, to end at $5.1020.

The USDA said that the U.S. winter wheat crop was rated 45% good to excellent as of last week, up from 44% in the preceding week.

The agency also said that nearly 94% of the spring wheat crop was planted, up from 87% in the preceding week. Only 47% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 65%.

Updated weather forecasting models pointed to more rainfall in the U.S. Great Plains-region later this week, which could potentially damage the maturing winter-wheat crop.

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