Grain futures higher with U.S. crop prospects, weather in focus

Investing.com - U.S. grain futures were higher on Tuesday, as investors continued to focus on U.S. weather conditions and crop prospects.On the Chicago Mercantile Exchange, corn futures for September delivery traded at USD5.8313 a bushel, up 0.65% on the day. The September contract traded in a range between USD5.7913 a bushel, the session low and a daily high of USD5.8338 a bushel.The U.S. Department of Agriculture said Monday that 96% of the U.S. corn crop was collected as of June 23, 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.Meanwhile, soybeans futures for August delivery traded at USD14.2475 a bushel, up 0.3% on the day. The August contract held in a range between USD14.1713 a bushel, the daily low and a session high of USD14.2513 a bushel.The USDA said that 92% of the U.S. soy crop was planted as of last week. Nearly 99% 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 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% for this time of year and below the 98% recorded in the same week a year earlier.Elsewhere on the CBOT, wheat for September delivery traded at USD6.9425 a bushel, up 0.9% on the day. The September contract traded in a range between USD6.8738 a bushel, the session low and a daily high of USD6.9463 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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