Investing.com - U.S. wheat and corn futures rose for the second consecutive session on Thursday, as investors looked to take advantage of cheap valuations after prices fell to four-month lows earlier in the week.
On the Chicago Mercantile Exchange, U.S. wheat for July delivery tacked on 0.89%, or 5.22 cents, to trade at $5.9263 a bushel during U.S. morning hours.
Wheat ended Wednesday’s session up 0.9%, or 5.2 cents, amid renewed concerns over crop conditions in the U.S. Great Plains region.
Prices of the grain have been on a downward trend recently as market players liquidated long positions amid indications of ample global supplies. Wheat hit $5.7660 on Tuesday, the lowest since February 10.
Elsewhere on the CBOT, U.S. corn for July delivery rose 0.52%, or 2.27 cents, to trade at 4.4388 a bushel. The July corn contract tacked on 0.63%, or 2.6 cents, on Wednesday to end at $4.4140.
Prices slumped to $4.3540 a bushel on Tuesday, the weakest level since February 4 amid growing optimism over the health of the U.S. corn crop.
According to the U.S. Department of Agriculture, nearly 76% of the U.S. corn crop was rated “good” to “excellent” as of last week, the best mid-June rating for the crop since 1994.
Meanwhile, U.S. soybeans for July delivery edged up 0.31%, or 4.3 cents, to trade at $14.1338 a bushel.
Prices of the oilseed fell to $13.9340 a bushel on Wednesday, the lowest since March 18, before turning higher to settle at $14.0900, up 0.77%, or 10.6 cents.
Soybean prices have been under pressure in recent sessions amid indications of ample global supplies and weak demand.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.