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U.S. wheat edges higher ahead of crop progress report

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Investing.com -

Investing.com - U.S. wheat futures edged higher on Monday, as investors returned to the market to seek cheap valuations in wake of recent losses, which took prices to the lowest in four months.

On the Chicago Mercantile Exchange, U.S. wheat for July delivery rose 0.8%, or 4.67 cents, to trade at $5.9088 a bushel during U.S. morning hours.

Wheat prices slumped to $5.8340 on Friday, the weakest level since February 11. Prices of the grain tumbled 5.2%, or 32.2 cents, last week, the fifth consecutive weekly decline.

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

Elsewhere on the CBOT, U.S. corn for July delivery eased up 0.37%, or 1.65 cents, to trade at $4.4938 a bushel.

The July corn contract lost 2.61%, or 12.0 cents, last week amid indications of ample global supplies. Prices fell to a four-month low of $4.3920 on June 11.

Meanwhile, U.S. soybeans for July delivery tacked on 0.33%, or 4.78 cents, to trade at $14.3038.

The July soybean contract fell 2.15%, or 31.4 cents, last week. Prices of the oilseed slumped to $14.1000 on Thursday, the lowest since March 24.

Grain traders looked ahead to the U.S. Department of Agriculture's weekly update on U.S. planting progress later in the day to gauge crop prospects.

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.


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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