Investing.com - U.S. wheat futures declined for the second consecutive session on Thursday, as a short-covering rally which boosted prices to an almost two-week high appeared to lose momentum.
On the Chicago Mercantile Exchange, US wheat for July delivery shed 2.73 cents, or 0.53%, to trade at $5.0788 a bushel during U.S. morning hours.
A day earlier, prices rallied to $5.2620, the most since May 22, before turning lower to settle at $5.1060, down 1.6 cents, or 0.34%.
Wheat prices are still up more than 6% this week amid renewed concerns over the health of the winter-wheat crop.
According to the U.S. Department of Agriculture, 44% of the U.S. winter-wheat crop was rated good to excellent as of last week, down from 45% in the preceding week.
The agency also said that nearly 71% of the spring-wheat crop was in good to excellent condition, up from 70% a week earlier, while 91% of the crop emerged, improving from 80% in the preceding weeks.
Meanwhile, US corn for July delivery inched down 1.02 cents, or 0.29%, to trade at $3.5738 a bushel. On Wednesday, corn prices rose to $3.6400, the strongest level since May 22, before ending at $3.5900, little changed for the day.
Approximately 95% of the corn crop was planted as of last week, up from 92% in the preceding week, according to the USDA, while corn emergence rose to 84% last week from 74% a week earlier, above the five-year average of 79%.
Elsewhere on the Chicago Board of Trade, US soybeans for July delivery ticked up 1.50 cents, or 0.16%, to trade at $9.3750 a bushel. Prices of the oilseed hit $9.4540 on Wednesday, the highest since May 21, before closing at $9.3520, down 5.4 cents, or 0.58%.
Nearly 71% of the soybean crop was planted as of last week, according to the USDA, up from 61% in the preceding week.
Soybean emergence was 49% complete, improving from 32% a week earlier, while the five-year average pace for the week is 45%.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.