Investing.com - U.S. corn futures fell for the sixth consecutive session on Monday to trade near the lowest level in more than five months amid indications of rapid planting progress in the U.S. Midwest last week.
On the Chicago Mercantile Exchange, US corn for July delivery hit a session low of $3.6720 a bushel, before trading at $3.6813 during U.S. morning hours, down 1.07 cents, or 0.29%.
On Friday, the front-month May corn contract fell to $3.6360, a level not seen since November 20, before closing at $3.6440, down 6.2 cents, or 1.69%.
Corn prices lost 15.13 cents, or 3.95%, last week, the biggest weekly decline in 12 weeks, as forecasts for drier weather across the Midwest was expected to further aid planting of the crop.
According to the U.S. Department of Agriculture, approximately 9% of the corn crop was planted as of April 19, up from just 2% in the preceding week and above the 6% planted during the same week a year earlier.
Later in the day, the USDA will release updated crop progress numbers for the week ended April 26.
Meanwhile, US wheat for July delivery dipped 0.97 cents, or 0.2%, to trade at $4.8763 a bushel after touching an intraday low of $4.8540, the weakest level since March 10.
Wheat futures dropped 7.5 cents, or 1.37%, last week, the third straight weekly loss, as dry weather conditions in key U.S. wheat-growing states was expected to benefit crop conditions.
The USDA said that the U.S. winter wheat crop was rated 42% good to excellent as of last week. Approximately 34% of the crop was in good to excellent condition in the same week a year earlier.
The agency also said that 36% of the spring wheat crop was planted as of last week, up from 17% in the preceding week. Only 9% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 19%.
Elsewhere on the Chicago Board of Trade, US soybeans for July delivery inched down 0.27 cents, or 0.03%, to trade at $9.7113 a bushel.
Optimism over the outlook for supplies in South America weighed. Brazil and Argentina are major soybean exporters and compete with the U.S. for business on the global market.
Large South American crop prospects could weigh on demand for U.S. supplies.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.