Investing.com - U.S. grain futures were mostly lower during European morning hours on Wednesday, with wheat prices re-approaching the lowest level since June amid receding concerns over crop conditions in the U.S. Great Plains-region.
On the Chicago Mercantile Exchange, wheat for May delivery traded at USD7.0175 a bushel, down 0.65% on the day. The May contract fell by as much as 0.7% earlier in the day to hit a session low of USD7.0162 a bushel.
Wheat prices slumped to an eight-month low of USD6.9787 a bushel on Monday.
Prices have been on a downward trend after a winter storm brought much-needed moisture to drought-stricken wheat-growing areas in the U.S. Great Plains in late-February.
Weather service provider MDA EarthSat said earlier that warming temperatures in the Great Plains area are melting piles of snow that accumulated during two blizzards, easing concerns over dry soil conditions.
Wheat traders have been closely monitoring weather and crop conditions in the Great Plains-region, where prolonged dryness threatens dormant winter wheat crops.
Meanwhile, corn futures for May delivery traded at USD7.0688 a bushel, down 0.35% on the day. The May contract fell by as much as 0.45% earlier in the day to hit a daily low of USD7.0638 a bushel.
Improving moisture conditions also weighed on corn futures, as snowfall in key corn-growing regions in the U.S. improved crop prospects ahead of the planting season due to begin in April.
Snow in the U.S. has been encouraging for crops and helping ease drought conditions.
Corn prices remained supported amid indications of limited domestic supplies of the grain and growing export demand for U.S. supplies.
Elsewhere, soybeans futures for May delivery traded at USD14.6338 a bushel, down 0.2% on the day. The May contract fell by as much as 0.5% earlier in the day to hit a session low of USD14.6112 a bushel.
Soy prices were lower amid expectations South American growers will produce a massive crop this marketing year.
Private forecaster Informa Economics last week raised its estimate of the soybean crop in Brazil to 84.5 million tonnes from 84 million. Its forecast for soybean harvest of 51 million tonnes in Argentina was unchanged from its late February outlook.
Brazil is expected to overtake the U.S. this year as the world's largest soybean producer. Argentina is the No. 3 producer.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, wheat for May delivery traded at USD7.0175 a bushel, down 0.65% on the day. The May contract fell by as much as 0.7% earlier in the day to hit a session low of USD7.0162 a bushel.
Wheat prices slumped to an eight-month low of USD6.9787 a bushel on Monday.
Prices have been on a downward trend after a winter storm brought much-needed moisture to drought-stricken wheat-growing areas in the U.S. Great Plains in late-February.
Weather service provider MDA EarthSat said earlier that warming temperatures in the Great Plains area are melting piles of snow that accumulated during two blizzards, easing concerns over dry soil conditions.
Wheat traders have been closely monitoring weather and crop conditions in the Great Plains-region, where prolonged dryness threatens dormant winter wheat crops.
Meanwhile, corn futures for May delivery traded at USD7.0688 a bushel, down 0.35% on the day. The May contract fell by as much as 0.45% earlier in the day to hit a daily low of USD7.0638 a bushel.
Improving moisture conditions also weighed on corn futures, as snowfall in key corn-growing regions in the U.S. improved crop prospects ahead of the planting season due to begin in April.
Snow in the U.S. has been encouraging for crops and helping ease drought conditions.
Corn prices remained supported amid indications of limited domestic supplies of the grain and growing export demand for U.S. supplies.
Elsewhere, soybeans futures for May delivery traded at USD14.6338 a bushel, down 0.2% on the day. The May contract fell by as much as 0.5% earlier in the day to hit a session low of USD14.6112 a bushel.
Soy prices were lower amid expectations South American growers will produce a massive crop this marketing year.
Private forecaster Informa Economics last week raised its estimate of the soybean crop in Brazil to 84.5 million tonnes from 84 million. Its forecast for soybean harvest of 51 million tonnes in Argentina was unchanged from its late February outlook.
Brazil is expected to overtake the U.S. this year as the world's largest soybean producer. Argentina is the No. 3 producer.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.