U.S. corn futures hit 1-week low on rapid U.S. planting progress

Investing.com - U.S. corn futures fell to a one-week low on Tuesday, after a report from the U.S. Department of Agriculture showed rapid planting progress in the U.S. Midwest last week.

Meanwhile, market players awaited the release of the USDA's monthly supply and demand report due late in the day.

On the Chicago Mercantile Exchange, US corn for July delivery hit an intraday low of $3.5800 a bushel, the weakest level since May 5, before trading at $3.5962 during U.S. morning hours, down 0.57 cents, or 0.16%

A day earlier, corn fell 2.4 cents, or 0.69%, to close at $3.6040 amid indications of rapid planting progress in the U.S. Midwest last week.

The U.S. Department of Agriculture said Monday that approximately 75% of the corn crop was planted as of May 10, up from 55% in the preceding week. Nearly 55% of the crop was planted during the same week a year earlier, while the five-year average for this time of year is 57%.

Meanwhile, US wheat for July delivery tacked on 0.68 cents, or 0.14%, to trade at $4.8088 a bushel. On Monday, wheat rallied to $4.8420, the most since April 30, before turning lower to end at $4.8100, down 0.4 cents, or 0.1%.

Nearly 87% of the spring wheat crop was planted as of May 10, up from 75% in the preceding week, according to the USDA. Only 33% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 51%.

The agency also said that the U.S. winter wheat crop was rated 44% good to excellent as of last week, up from 43% in the preceding week.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery dipped 0.27 cents, or 0.03%, to trade at $9.7312 a bushel. Prices of the oilseed lost 2.2 cents, or 0.23%, on Monday to settle at $9.7400.

According to the USDA, approximately 31% of the soybean crop was planted as of last week, up from 13% in the preceding week. Nearly 18% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 20%.

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