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Grain futures; U.S. wheat, corn hold near multi-month lows

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Investing.com -

Investing.com - U.S. wheat and corn futures held near multi-month lows struck in the previous session on Thursday, amid ongoing indications of rapid planting progress in the U.S. Midwest.

On the Chicago Mercantile Exchange, U.S. wheat for July delivery shed 0.19%, or 1.15 cents, to trade at $6.1325 a bushel during U.S. morning hours. Prices fell to $6.1060 a bushel on Wednesday, the cheapest since March 3, before turning higher to settle at $6.1440, up 0.33%, or 2.0 cents.

Wheat prices have been under heavy selling pressure in recent weeks as market players liquidated long positions amid easing concerns over tightening global supplies.

According to the U.S. Department of Agriculture, nearly 88% of the U.S. spring wheat crop was planted as of last week, improving from 74% in the preceding week.

Elsewhere on the CBOT, U.S. corn for July delivery eased up 0.08%, or 0.38 cents, to trade at $4.5638 a bushel. Corn fell to $4.5420 on Wednesday, the lowest since February 28, before settling at $4.5620, down 0.44%, or 2.0 cents.

Nearly 95% of the U.S. corn crop was planted as of June 1, compared to 88% in the preceding week, according to the USDA. The five-year average for this time of year is 94%.

Meanwhile, U.S. soybeans for July delivery shed 0.36%, or 5.45 cents to trade at $14.7675 a bushel. The July soybean contract tacked on 0.08%, or 1.2 cents on Wednesday to settle at $14.8240 a bushel.

Approximately 78% of the U.S. soybean crop was planted as of last week, up from 59% in the preceding week and above the five-year average of 70% for this time of year.

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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