Investing.com – Wheat futures were up for a second day on Thursday, amid ongoing concerns over deteriorating U.S. wheat crop conditions and as markets awaited the release of a key monthly report on U.S. and global wheat supplies.
On the Chicago Mercantile Exchange, wheat futures for July delivery traded at USD7.5788 a bushel during European morning trade, jumping 1.4%.
It earlier rose to USD7.5962 a bushel, the highest price since June 6.
Lingering drought conditions in the U.S. Great Plains and floods in the northern U.S. wheat-belt have added to concerns over U.S. wheat crop conditions, potentially threatening yields and reducing the quality of the harvest.
The U.S. Department of Agriculture said in its weekly crop progress report earlier in the week that that approximately 44% of U.S. winter-wheat crops were in ‘poor’ or ‘very poor’ condition as of June 5, compared to just 9% a year earlier.
Only 49% of the U.S. winter-wheat crop was rated ‘good’ to ‘excellent’, significantly lower than the five-year average of 77% for this time of year.
U.S. spring wheat crops were 79% planted as of last week, compared to 97% a year earlier and below the five-year average of 98%.
Meanwhile, the USDA was to release its closely-watched monthly report on U.S. and global wheat stockpiles later in the day.
The data could show that global wheat inventories dropped to 182.1 million metric tons in May from last month’s estimate of 182.8 million tons, as dry weather in the U.S., Europe and China affected crop output.
The U.S. winter-wheat harvest was expected to total 1.391 billion bushels, the lowest in five years. The U.S. is the world’s third largest wheat producer and the biggest exporter of the grain.
Elsewhere, corn for July delivery shed 0.2% to trade at USD7.6175 a bushel, while soybeans for July delivery dipped 0.21% to trade at USD13.9600 a bushel during European morning trade.
The USDA was expected to lower its global corn inventories estimate to 121.46 million tons, the lowest since 1994.
On the Chicago Mercantile Exchange, wheat futures for July delivery traded at USD7.5788 a bushel during European morning trade, jumping 1.4%.
It earlier rose to USD7.5962 a bushel, the highest price since June 6.
Lingering drought conditions in the U.S. Great Plains and floods in the northern U.S. wheat-belt have added to concerns over U.S. wheat crop conditions, potentially threatening yields and reducing the quality of the harvest.
The U.S. Department of Agriculture said in its weekly crop progress report earlier in the week that that approximately 44% of U.S. winter-wheat crops were in ‘poor’ or ‘very poor’ condition as of June 5, compared to just 9% a year earlier.
Only 49% of the U.S. winter-wheat crop was rated ‘good’ to ‘excellent’, significantly lower than the five-year average of 77% for this time of year.
U.S. spring wheat crops were 79% planted as of last week, compared to 97% a year earlier and below the five-year average of 98%.
Meanwhile, the USDA was to release its closely-watched monthly report on U.S. and global wheat stockpiles later in the day.
The data could show that global wheat inventories dropped to 182.1 million metric tons in May from last month’s estimate of 182.8 million tons, as dry weather in the U.S., Europe and China affected crop output.
The U.S. winter-wheat harvest was expected to total 1.391 billion bushels, the lowest in five years. The U.S. is the world’s third largest wheat producer and the biggest exporter of the grain.
Elsewhere, corn for July delivery shed 0.2% to trade at USD7.6175 a bushel, while soybeans for July delivery dipped 0.21% to trade at USD13.9600 a bushel during European morning trade.
The USDA was expected to lower its global corn inventories estimate to 121.46 million tons, the lowest since 1994.