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U.S. wheat futures fall to 2-week low, corn at 7-month trough

Published 05/27/2015, 06:08 AM
Updated 05/27/2015, 06:08 AM
© Reuters.  U.S. wheat futures slump amid upbeat crop conditions

© Reuters. U.S. wheat futures slump amid upbeat crop conditions

Investing.com - U.S. wheat futures fell to a two-week low on Wednesday, 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.

On the Chicago Mercantile Exchange, US wheat for July delivery hit an intraday low of $4.8788 a bushel, the weakest level since May 14, before trading at $4.8813 during U.S. morning hours, down 5.08 cents, or 1.03%.

A day earlier, wheat prices plunged 21.6 cents, or 4.22%, to end at $4.9340.

The U.S. Department of Agriculture said Monday that 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 last week, 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%.

The report came out one day later than usual due to Monday's Memorial Day holiday.

Meanwhile, US corn for July delivery shed 1.38 cents, or 0.39%, to trade at $3.5363 a bushel after hitting a daily low of $3.5340, a level not seen since October 27.

On Tuesday, corn lost 5.0 cents, or 1.39%, to close at $3.5500 amid indications of rapid planting progress in the U.S. Midwest.

According to the USDA, 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%.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery inched up 3.27 cents, or 0.35%, to trade at $9.2588 a bushel. Prices of the oilseed touched $9.2040 on Tuesday, the lowest level since October 13, before settling at $9.2240, down 1.6 cents, or 0.19%.

Nearly 61% of the soybean crop was planted as of May 24, according to the USDA, 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.

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