Investing.com - U.S. wheat and corn futures bounced off multi-month lows hit earlier in the week on Wednesday, as investors readjusted positions ahead of the U.S. Department of Agriculture's closely-watched monthly supply and demand report due later in the day.
On the Chicago Mercantile Exchange, U.S. wheat for July delivery inched up 0.45%, or 2.73 cents, to trade at $6.0413 a bushel during U.S. morning hours.
Wheat fell to $5.9820 on Tuesday, the lowest since February 28, before trimming losses to settle at $6.0120, down 1.84%, or 11.2 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 USDA, nearly 95% of the U.S. spring wheat crop was planted as of June 8, improving from 88% in the preceding week.
Elsewhere on the CBOT, U.S. corn for July delivery eased up 0.22%, or 0.97 cents, to trade at $4.4638 a bushel. Corn slumped to $4.4460 on Tuesday, the lowest since February 14, before settling at $4.4540, down 1.22%, or 5.4 cents.
Sentiment remained downbeat amid growing optimism over the health of the U.S. corn crop. Nearly 75% of the U.S. corn crop was rated "good" to "excellent" as of last week, compared to 63% in the same week a year earlier.
Meanwhile, US Soybeans for July delivery tacked on 0.09%, or 1.38 cents to trade at $14.6338 a bushel. The July soybean contract ended Tuesday's session up 0.38%, or 5.4 cents, to settle at $14.6240.
Approximately 87% of the U.S. soybean crop was planted as of last week, up from 78% in the preceding week and above the five-year average of 81% for this time of year.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.