Investing.com - U.S. wheat futures declined for the sixth consecutive session on Wednesday, as market players continued to liquidate long positions amid easing concerns over tightening global supplies.
On the Chicago Mercantile Exchange, U.S. wheat for July delivery declined 0.57% or 4.08 cents to trade at $7.0513 a bushel, during U.S. morning hours. Prices of the grain dropped 0.8%, or 5.6 cents on Tuesday to settle at $7.0920 a bushel.
Wheat prices have been under pressure in recent sessions after the U.S. Department of Agriculture projected higher global supplies than analysts had expected last week.
The USDA said global wheat inventories will total 187.4 million metric tons in the 2014-15 season starting June 1, up 0.5% from 186.5 million in the current marketing year.
In the U.S., approximately 30% of the winter wheat crop was rated “good” to “excellent” as of last week, down from 31% in the preceding week. Winter-wheat crops in “very poor” to “poor” conditions rose to 42% from 38% in the preceding week.
Elsewhere on the CBOT, U.S. soybeans for July delivery shed 0.25%, or 3.77 cents to trade at $14.8063 a bushel. The July soybean contract rallied 1.25%, or 18.4 cents on Tuesday to settle at $14.8360 a bushel.
Soy traders looked ahead to a report from the National Oilseed Processors Association due Thursday to gauge the strength of crushing demand for U.S. supplies in April.
Meanwhile, U.S. corn for July delivery advanced 0.32%, or 1.62 cents, to trade at $5.0363 a bushel. The July corn contract added 0.65%, or 3.2 cents on Tuesday to settle at $5.0260 a bushel.
According to the USDA, nearly 59% of the U.S. corn crop was planted as of last week, compared to 29% a week earlier. The five-year average for this time of year is 58%.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.