Investing.com - U.S. grain futures were mostly higher on Tuesday, with wheat and corn prices bouncing off multi-month lows as investors returned to the market to seek cheap valuations.
On the Chicago Mercantile Exchange, wheat for September delivery traded at USD6.6412 a bushel, up 1.4% on the day. The September contract rose by as much as 1.6% earlier in the day to hit a session high of USD6.6588 a bushel.
Wheat prices declined for eight consecutive sessions leading up to Tuesday’s session amid easing concerns over U.S. crop prospects.
The September wheat contract fell to USD6.5288 a bushel on Monday, the lowest level since June 20, 2012.
The U.S. Department of Agriculture said last week that U.S. wheat acreage was expected to hit a four-year high of 56.53 million in the current market season.
The agency also raised its estimate of spring-wheat plantings to 12.3 million acres.
Elsewhere on the CBOT, corn futures for September delivery traded at USD5.3400 a bushel, up 0.45% on the day. The September contract rose by as much as 0.5% earlier in the day to hit a session high of USD5.3438 a bushel.
The September contract fell to USD5.2912 earlier in the session, the weakest level since November 23, 2010.
The USDA said last week that corn acreage will total 97.4 million acres in the current market year, the most since 1936 and up slightly from last year.
Market analysts had expected the USDA to cut its forecast for corn acreage to 95.3 million acres from the agency's March estimate of 97.3 million acres.
Meanwhile, soybeans futures for August delivery traded at USD14.3925 a bushel, up 0.2% on the day. The August contract held in a range between USD14.3038 a bushel, the daily low and a session high of USD14.4088 a bushel.
The USDA raised its estimate of planted soybean acreage last week to 77.7 million acres this year, up 1% from last year but below expectations for an increase to 78.02 million acres.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, wheat for September delivery traded at USD6.6412 a bushel, up 1.4% on the day. The September contract rose by as much as 1.6% earlier in the day to hit a session high of USD6.6588 a bushel.
Wheat prices declined for eight consecutive sessions leading up to Tuesday’s session amid easing concerns over U.S. crop prospects.
The September wheat contract fell to USD6.5288 a bushel on Monday, the lowest level since June 20, 2012.
The U.S. Department of Agriculture said last week that U.S. wheat acreage was expected to hit a four-year high of 56.53 million in the current market season.
The agency also raised its estimate of spring-wheat plantings to 12.3 million acres.
Elsewhere on the CBOT, corn futures for September delivery traded at USD5.3400 a bushel, up 0.45% on the day. The September contract rose by as much as 0.5% earlier in the day to hit a session high of USD5.3438 a bushel.
The September contract fell to USD5.2912 earlier in the session, the weakest level since November 23, 2010.
The USDA said last week that corn acreage will total 97.4 million acres in the current market year, the most since 1936 and up slightly from last year.
Market analysts had expected the USDA to cut its forecast for corn acreage to 95.3 million acres from the agency's March estimate of 97.3 million acres.
Meanwhile, soybeans futures for August delivery traded at USD14.3925 a bushel, up 0.2% on the day. The August contract held in a range between USD14.3038 a bushel, the daily low and a session high of USD14.4088 a bushel.
The USDA raised its estimate of planted soybean acreage last week to 77.7 million acres this year, up 1% from last year but below expectations for an increase to 78.02 million acres.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.