Grain futures steady as traders look ahead to USDA acreage report
Investing.com
Published Jun 26, 2013 05:51AM ET
On the Chicago Mercantile Exchange, soybeans futures for August delivery traded at USD14.2225 a bushel, down 0.45% on the day. The August contract held in a range between USD14.2138 a bushel, the daily low and a session high of USD14.2788 a bushel.
The August contract hit a two-week high of USD14.3312 a bushel on Tuesday amid concerns over U.S. crop prospects.
The USDA said that 92% of the U.S. soy crop was planted as of last week, below the 99% planted in the same week a year earlier. The five-year average for this time of year is 95%.
The agency also said that 81% of the U.S. soybean crop emerged as of last week, compared to the five-year average of 89% and below the 98% recorded in the same week a year earlier.
Meanwhile, corn futures for September delivery traded at USD5.7725 a bushel, up 0.1% on the day. The September contract traded in a range between USD5.7638 a bushel, the session low and a daily high of USD5.7763 a bushel.
According to the USDA, 96% of the U.S. corn crop was collected as of last week, below the five-year average of 99% for this time of year. 100% of the corn crop was collected during the same week a year earlier.
Nearly 65% of the U.S. corn crop was rated in ‘good’ to ‘excellent’ condition as of last week, up from 64% in the preceding week.
Elsewhere on the CBOT, wheat for September delivery traded at USD6.8563 a bushel, little changed on the day. The September contract traded in a range between USD6.8413 a bushel, the session low and a daily high of USD6.8738 a bushel.
The USDA said that approximately 20% of the U.S. winter wheat crop was harvested as of last week, compared to the five-year average of 37% for this time of year and below the 63% recorded in the same week a year earlier.
Nearly 43% of the U.S. winter wheat crop was rated in ‘very poor’ to ‘poor’ condition as of last week, unchanged from the preceding week.
The data also showed that 96% 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 99%.
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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