Grain futures - weekly outlook: June 8 - 12

Investing.com - U.S. wheat futures ended lower on Friday, as investors sold contracts to lock in gains from a sharp rally which took prices to a two-month peak earlier in the session.

On the Chicago Mercantile Exchange, US wheat for July delivery hit an intraday high of $5.3400 a bushel, a level not seen since April 6, before turning lower to settle at $5.1700, down 6.6 cents, or 1.29%.

On the week, the July wheat contract soared 39.0 cents, or 8.19%, amid renewed concerns over the health of the winter-wheat crop.

According to the U.S. Department of Agriculture, 44% of the U.S. winter-wheat crop was rated good to excellent as of last week, down from 45% in the preceding week.

The agency also said that nearly 71% of the spring-wheat crop was in good to excellent condition, up from 70% a week earlier, while 91% of the crop emerged, improving from 80% in the preceding weeks.

Meanwhile, US corn for July delivery shed 3.0 cents, or 0.83%, on Friday to end at $3.6040 a bushel after touching a daily peak of $3.6720, the most since May 22.

For the week, corn futures rose 10.26 cents, or 2.63%, the first weekly gain in three weeks, despite indications of rapid planting progress in the U.S. Midwest.

Approximately 95% of the corn crop was planted as of last week, up from 92% in the preceding week, according to the USDA, while corn emergence rose to 84% last week from 74% a week earlier, above the five-year average of 79%.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery dipped 8.6 cents, or 0.92%, on Friday to close at $9.3760 a bushel. Prices rallied to $9.5200 earlier in the day, the highest level since May 19.

For the week, the July soybean contract tacked on 7.0 cents, or 0.45%, the second consecutive weekly gain.

Nearly 71% of the soybean crop was planted as of last week, according to the USDA, up from 61% in the preceding week. Soybean emergence was 49% complete, improving from 32% a week earlier, while the five-year average pace for the week is 45%.

In the week ahead, market players will focus on the release of the U.S. Department of Agriculture's world supply and demand report on Wednesday, June 10. The agency will also produce data on crop progress and weekly export sales figures.

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