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Grains mixed; Soybeans rally to 2-week high on U.S. planting concerns

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Investing.com - U.S. grain futures were mixed on Tuesday, with soybean prices rallying to a two-week high amid ongoing concerns over U.S. planting prospects.

On the Chicago Mercantile Exchange, soybeans futures for July delivery traded at USD14.2375 a bushel, up 0.3% on the day.

The July contract rose by as much as 0.5% earlier in the session to hit a daily high of USD14.2562 a bushel, the strongest level since April 26.

The U.S. Department of Agriculture said Monday that only 6% of the U.S. soy crop was planted as of last week, significantly below the 43% planted in the same week a year earlier.

Meanwhile, corn futures for July delivery traded at USD6.5175 a bushel, down 0.6% on the day. The July contract fell by as much as 0.7% earlier in the day to hit a session low of USD6.5138 a bushel.

Corn prices rallied sharply on Monday as adverse weather conditions in the U.S. Midwest was expected to further delay planting in the world's largest grower.

The U.S. Department of Agriculture said Monday that 28% of the U.S. corn crop was planted as of last week, significantly below the 82% planted in the same week a year earlier.

Elsewhere on the CBOT, wheat for July delivery traded at USD7.0888 a bushel, down 0.2% on the day. The July contract held in a tight range between USD7.0850 a bushel, the daily low and a session high of USD7.1488 a bushel.

The USDA said Monday that approximately 32% of the U.S. winter wheat crop was rated "good" to "excellent" as of last week, unchanged from the preceding week and below the 60% recorded in the same week a year earlier.

Winter-wheat crops in "very poor" to "poor" conditions stood at 39%, unchanged from the preceding week.

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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