U.S. grain futures mixed ahead of USDA supply report

(MENAFN- FxPro) U.S. grain futures were mixed in subdued trade on Tuesday, as market players awaited the release of the U.S. Department of Agriculture's monthly supply and demand report due on Wednesday.

On the Chicago Mercantile Exchange, US wheat for July delivery shed 0.88 cents, or 0.17%, to trade at $5.2713 a bushel during U.S. morning hours.

A day earlier, wheat prices rallied 11.0 cents, or 2.13%, to settle at $5.2800 amid renewed concerns over the health of the winter-wheat crop.

The U.S. Department of Agriculture said Monday that only 4% of the U.S. winter-wheat crop was harvested as of June 7, compared to 8% harvested in the same week a year earlier and below the five-year average of 12% for this time of year.

Approximately 43% of the U.S. winter-wheat crop was rated good to excellent as of last week, down from 44% in the preceding week.

The agency also said that nearly 69% of the spring-wheat crop was in good to excellent condition, compared to 71% in the preceding week.

Meanwhile, US corn for July delivery inched up 0.23 cents, or 0.06%, to trade at $3.6463 a bushel. Corn prices rose 4.6 cents, or 1.32%, on Monday to end at $3.6520.

According to the USDA, approximately 74% of the corn crop was in good to excellent condition as of June 7, unchanged from the preceding week. Corn emergence rose to 91% last week from 84% a week earlier, above the five-year average of 90%.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery added 1.43 cents, or 0.15%, to trade at $9.4563 a bushel. On Monday, prices of the oilseed advanced 6.4 cents, or 0.69%, to close at $9.4420.
Nearly 79% of the soybean crop was planted as of June 7, according to the USDA, up from 71% in the preceding week. Approximately 86% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 81%.
Soybean emergence was 64% complete, improving from 49% a week earlier, while the five-year average pace for the week is 63%.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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