Grain futures edge higher; Corn rises to 7-day high
Investing.com
Published Jun 18, 2013 06:05AM ET
On the Chicago Mercantile Exchange, corn futures for July delivery traded at USD6.7063 a bushel, up 0.2% on the day.
The July contract rose by as much as 0.5% earlier in the day to hit a session high of USD6.7263 a bushel, the strongest level since June 7.
The U.S. Department of Agriculture said Monday that 92% of the U.S. corn crop was collected as of June 16, below the five-year average of 97% for this time of year. 100% of the corn crop was collected during the same week a year earlier.
Nearly 64% of the U.S. corn crop was rated in ‘good’ to ‘excellent’ condition as of last week, up from 63% in the preceding week.
Meanwhile, soybeans futures for July delivery traded at USD15.1525 a bushel, up 0.2% on the day. The July contract rose by as much as 0.65% earlier in the session to hit a daily high of USD15.2250 a bushel.
The USDA said that nearly 85% of the U.S. soy crop was planted as of last week. Nearly 98% of the U.S. soy crop was planted in the same week a year earlier while the five-year average for this time of year is 91%.
The USDA data also showed that 66% of the U.S. soybean crop emerged as of last week, compared to the five-year average of 80% for this time of year and below the 94% recorded in the same week a year earlier.
The oilseed rallied to a seven-month high of USD15.5850 a bushel on June 12.
Soybean prices have been well-supported in recent weeks amid ongoing concerns over U.S. planting prospects.
Elsewhere on the CBOT, wheat for July delivery traded at USD6.860 a bushel, up 0.7% on the day. The July contract rose by as much as 0.75% earlier in the day to hit a session high of USD6.8613 a bushel.
The USDA said that approximately 11% of the U.S. winter wheat crop was harvested as of last week, compared to the five-year average of 25% for this time of year and below the 51% recorded in the same week a year earlier.
The data also showed that 92% of the spring-wheat crop was planted as of last week. Nearly 100% of the spring crop was planted in the same week a year earlier while the five-year average for this time of year is 97%.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Written By: Investing.com
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