Investing.com - U.S. wheat futures extended losses from the previous session to hit a four-week low on Tuesday, after agricultural meteorologists forecast further rains in key U.S. wheat-growing states.
On the Chicago Mercantile Exchange, US wheat for May delivery hit a session low of $4.9788 a bushel, the weakest level since March 16, before trading at $4.9938 during U.S. morning hours, down 3.62 cents, or 0.72%.
A day earlier, wheat plunged 24.2 cents, or 4.61%, to settle at $5.0220, as updated weather models forecast much-needed rains in key U.S. wheat-growing states.
The U.S. Department of Agriculture said Monday that the U.S. winter wheat crop was rated 42% good to excellent as of April 12, down from 44% in the preceding week.
Approximately 34% of the crop was in good to excellent condition in the same week a year earlier.
The agency also said that 17% of the spring wheat crop was planted as of last week, compared to just 5% in the same week a year earlier and below the five-year average of 11% for this time of year.
Meanwhile, US corn for May delivery slumped 0.62 cents, or 0.17%, to trade at $3.7038 a bushel. Prices touched a daily low of $3.7020, a level not seen since March 18.
According to the USDA, 2% of the corn crop was planted as of last week. The five-year average for this time of year is 5%.
Corn declined 6.4 cent, or 1.72%, on Monday to end at $3.7040 amid indications of ample supplies.
The USDA said last week that U.S. corn inventories at the end of the 2014-15 season in August will total 1.827 billion bushels, up from a previous estimate of 1.777 billion bushels.
The agency also projected global ending corn stockpiles at 188.5 million metric tons for the 2014-15 season, up from a previous forecast of 185.28 million tons.
Elsewhere on the Chicago Board of Trade, US soybeans for May delivery eased up 3.62 cents, or 0.38%, to trade at $9.5263 a bushel. On Monday, soybean prices shed 2.6 cents, or 0.29%, to close at $9.4860.
Prices of the oilseed touched a six-month low of $9.4440 on April 10 as optimism over the outlook for supplies in South America and weak demand for U.S. supplies drove down prices.
Last week, the USDA forecast global soybean ending stocks at 89.6 million tons, up from 89.5 million tons estimated last month, due to a record crop in Brazil.
Brazil and Argentina are major soybean exporters and compete with the U.S. for business on the global market. Large South American crop prospects could weigh on demand for U.S. supplies.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.