Investing.com - U.S. wheat futures rose on Monday, amid renewed concerns over the health of the winter-wheat crop. Market players are also starting to focus on the release of the U.S. Department of Agriculture's world supply and demand report on Wednesday.
On the Chicago Mercantile Exchange, US wheat for July delivery tacked on 3.75 cents, or 0.73%, to trade at $5.2075 a bushel during U.S. morning hours.
On Friday, prices rallied to $5.3400, a level not seen since April 6, before turning lower to settle at $5.1700, down 6.6 cents, or 1.29%. The July wheat contract soared 39.0 cents, or 8.19%, last week.
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.
Later in the day, the USDA will release updated crop progress numbers for the week ended June 7.
Meanwhile, US corn for July delivery inched up 1.62 cents, or 0.45%, to trade at $3.6263 a bushel. Corn prices rose to $3.6720 on Friday, the most since May 22, before shedding 3.0 cents, or 0.83%, to end at $3.6040.
Corn futures rose 10.26 cents, or 2.63%, last week, the first weekly gain in three weeks, despite indications of rapid planting progress in the U.S. Midwest.
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 added 1.98 cents, or 0.21%, to trade at $9.4038 a bushel. Prices of the oilseed hit $9.5200 on Friday, the highest level since May 19, before closing $9.3760, down 8.6 cents, or 0.92%.
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.