Investing.com – Wheat futures were down for a sixth day on Monday, hovering close to a three-month low as easing concerns over U.S. crop conditions pressured prices, which were also weighed by a stronger U.S. dollar.
On the Chicago Mercantile Exchange, wheat futures for July delivery traded at USD6.6775 a bushel during European morning trade, shedding 0.61%.
It earlier fell to USD6.6625 a bushel, just above Friday’s low of USD6.6375, which was the lowest price since March 17.
Favorable weather over the past week in the U.S. Great Plains and dry weather conditions in the northern U.S. wheat-belt aided planting of U.S. crops, potentially boosting yields and upgrading the quality of the harvest.
The U.S. Department of Agriculture said in its weekly crop progress report released last Thursday that nearly 100% of the U.S. spring-wheat crop was planted as of June 12, up from 88% a week earlier.
Approximately 68% of the spring crop was rated in ‘good’ to ‘excellent’ condition, while 73% of the crop had emerged, compared with just 57% a week earlier.
Meanwhile, 22% of the U.S. winter wheat crop was harvested as of last week, up from 10% in the preceding week and above the five-year average of 13%. Almost 11% of Kansas’ winter wheat crop was harvested, compared to the five-year average of 5%.
Kansas is the largest wheat-growing state in the U.S., which is the world’s biggest exporter of the grain.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.4% to trade at 75.77.
A stronger dollar reduces the appeal of U.S. crops to overseas buyers and makes commodities less attractive as an alternative investment.
Elsewhere, corn for July delivery slumped 0.41% to trade at USD6.9912 a bushel, while soybeans for July delivery rose 0.2% to trade at USD13.3388 a bushel during European morning trade.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.
On the Chicago Mercantile Exchange, wheat futures for July delivery traded at USD6.6775 a bushel during European morning trade, shedding 0.61%.
It earlier fell to USD6.6625 a bushel, just above Friday’s low of USD6.6375, which was the lowest price since March 17.
Favorable weather over the past week in the U.S. Great Plains and dry weather conditions in the northern U.S. wheat-belt aided planting of U.S. crops, potentially boosting yields and upgrading the quality of the harvest.
The U.S. Department of Agriculture said in its weekly crop progress report released last Thursday that nearly 100% of the U.S. spring-wheat crop was planted as of June 12, up from 88% a week earlier.
Approximately 68% of the spring crop was rated in ‘good’ to ‘excellent’ condition, while 73% of the crop had emerged, compared with just 57% a week earlier.
Meanwhile, 22% of the U.S. winter wheat crop was harvested as of last week, up from 10% in the preceding week and above the five-year average of 13%. Almost 11% of Kansas’ winter wheat crop was harvested, compared to the five-year average of 5%.
Kansas is the largest wheat-growing state in the U.S., which is the world’s biggest exporter of the grain.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.4% to trade at 75.77.
A stronger dollar reduces the appeal of U.S. crops to overseas buyers and makes commodities less attractive as an alternative investment.
Elsewhere, corn for July delivery slumped 0.41% to trade at USD6.9912 a bushel, while soybeans for July delivery rose 0.2% to trade at USD13.3388 a bushel during European morning trade.
Corn is the biggest U.S. crop, valued at USD66.7 billion in 2010, followed by soybeans at USD38.9 billion, government figures show. Wheat was fourth at USD13 billion, behind hay.