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U.S. wheat, corn bounce off multi-month lows ahead of USDA report

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Investing.com -

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.

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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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