U.S. corn hits fresh 6-month low on U.S. planting progress

Investing.com - U.S. corn futures tumbled to the lowest level in more than six months on Tuesday, after a report from the U.S. Department of Agriculture showed rapid planting progress in the U.S. Midwest last week.

On the Chicago Mercantile Exchange, US corn for July delivery hit an intraday low of $3.5800 a bushel, a level not seen since October 27, before trading at $3.5813 during U.S. morning hours, down 2.88 cents, or 0.8%.

A day earlier, corn slumped 1.6 cents, or 0.48%, to close at $3.6120, as forecasts for drier weather across the Midwest was expected to further aid planting of the crop.

The U.S. Department of Agriculture said Monday that approximately 55% of the corn crop was planted as of May 3, up from 19% in the preceding week. Nearly 28% of the crop was planted during the same week a year earlier, while the five-year average for this time of year is 38%.

Meanwhile, US wheat for July delivery shed 4.22 cents, or 0.89%, to trade at $4.6838 a bushel. Futures slumped to a contract-low of $4.6400 on April 28.

On Monday, wheat dipped 1.2 cents, or 0.26%, to settle at $4.7260 as dry weather conditions in key U.S. wheat-growing states was expected to benefit crop conditions.

Nearly 75% of the spring wheat crop was planted as of May 3, up from 55% in the preceding week, according to the USDA. Only 25% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 40%.

The agency also said that the U.S. winter wheat crop was rated 43% good to excellent as of last week, up from 42% in the preceding week.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery fell 0.2 cents, or 0.03%, to trade at $9.7600 a bushel. Prices of the oilseed jumped 11.4 cents, or 1.19%, on Monday to end at $9.7620.

According to the USDA, approximately 13% of the soybean crop was planted as of last week, up from 2% in the preceding week. Nearly 5% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 9%.

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