Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

U.S. wheat futures pull back from 2-week high

Published 06/25/2015, 06:02 AM
© Reuters.  U.S. wheat declines after hitting 2-week high
ZS
-
ZW
-
ZC
-

Investing.com - U.S. wheat futures moved further away from a two-week high on Thursday, but losses were limited amid growing concerns over crop conditions in the Midwest.

On the Chicago Mercantile Exchange, US wheat for July delivery shed 1.08 cents, or 0.21%, to trade at $5.1612 a bushel during U.S. morning hours.

A day earlier, wheat rallied to $5.3000, the most since June 10, before turning lower to end at $5.1800, down 3.4 cents, or 0.67%. Wheat is up more than 5% so far this week amid concerns over the pace of the winter-wheat harvest.

According to the U.S. Department of Agriculture, nearly 19% of the U.S. winter-wheat crop was harvested as of June 21. Approximately 31% of the crop was harvested in the same week a year earlier, while the five-year average for this time of year is 31%.

About 41% of the U.S. winter-wheat crop was rated good to excellent as of last week, down from 43% in the preceding week. The agency also said that nearly 71% of the spring-wheat crop was in good to excellent condition, compared to 70% a week earlier.

Meanwhile, US corn for July delivery dipped 2.25 cents, or 0.61%, to trade at $3.6375 a bushel. On Wednesday, corn rose to $3.7100, the strongest level since May 18, before erasing gains to settle at $3.6640, down 1.0 cent, or 0.27%.

Approximately 71% of the corn crop was in good to excellent condition as of June 21, according to the USDA, down from 73% in the preceding week.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery inched down 0.12 cents, or 0.01%, to trade at $9.8188. Prices of the oilseed declined 5.6 cents, or 0.58%, on Wednesday to close at $9.8160.

The USDA said that nearly 65% of the soybean crop was in good to excellent condition as of June 14, down from 67% in the preceding week and compared to 72% in the year-earlier period.

Almost 90% of the soybean crop was planted as of last week up from 87% in the preceding week. Approximately 95% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 95%.

Soybean emergence was 84% complete, improving from 75% a week earlier, while the five-year average pace for the week is 87%.

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.