U.S. soybean futures trade near 8-month low on planting progress

Investing.com - U.S. soybean futures inched up modestly on Tuesday, but held near the lowest level in almost eight months amid indications of rapid planting progress in the U.S. Midwest.

On the Chicago Mercantile Exchange, US soybeans for July delivery inched up 2.23 cents, or 0.24%, to trade at $9.2663 a bushel during U.S. morning hours.

Grain markets were closed on Monday due to the U.S. Memorial Day holiday. Prices of the oilseed fell to $9.2260 on Friday, a level not seen since October 13, before settling at $9.2420, down 14.2 cents, or 1.52%.

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

Later in the day, the USDA will release updated crop progress numbers for the week ended May 24. The report comes out one day later than usual due to Monday's Memorial Day holiday.

Meanwhile, US corn for July delivery shed 0.52 cents, or 0.15%, to trade at $3.5988 a bushel. On Friday, corn lost 5.0 cents, or 1.37%, to close at $3.6000.

According to the USDA, approximately 85% of the corn crop was planted as of May 17. 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%.

Elsewhere on the Chicago Board of Trade, US wheat for July delivery slumped 2.58 cents, or 0.5%, to trade at $5.1263 a bushel. Wheat dropped 6.6 cents, or 1.29%, on Friday to end at $5.1520.

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.

The USDA said that the U.S. winter wheat crop was rated 45% good to excellent as of May 17, while almost 94% of the spring wheat crop was planted. 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%.

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