Grain futures higher ahead of USDA crop progress report
Investing.com
Published Jun 03, 2013 06:12AM ET
On the Chicago Mercantile Exchange, wheat for July delivery traded at USD7.1075 a bushel, up 0.75% on the day.
The July contract rose by as much as 1% earlier in the session to hit a daily high of USD7.1263 a bushel, the strongest level since May 14.
Wheat futures were boosted amid ongoing concerns over U.S. crop prospects.
The USDA said last week that approximately 31% of the U.S. winter wheat crop was rated “good” to “excellent”, unchanged from the preceding week and below the 54% recorded in the same week a year earlier.
Winter-wheat crops in “very poor” to “poor” conditions rose to 42% from 41% in the preceding. Only 16% of the winter-wheat crop was rated “very poor” to “poor” in the same week a year earlier.
Meanwhile, soybeans futures for July delivery traded at USD15.3225 a bushel, up 1.5% on the day. The July contract rose by as much as 1.6% earlier in the session to hit a daily high of 15.3238 a bushel, the strongest level since May 23.
The oilseed continued to draw support from lingering concerns over U.S. crop prospects.
Nearly 44% of the U.S. soy crop was planted as of last week, significantly below the 87% planted in the same week a year earlier. The five-year average for this time of year is 61%.
Elsewhere on the CBOT, corn futures for July delivery traded at USD6.6713 a bushel, up 0.75% on the day. The July contract rose by as much as 0.8% earlier in the day to hit a session high of USD6.6788 a bushel.
According to the USDA, nearly 86% of the U.S. corn crop was planted as of last week, below the 99% planted in the same week a year earlier, while the five-year average for this time of the year is 90%.
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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