U.S. corn futures bounce off 8-month low in early trade

Investing.com - U.S. corn futures rose for the first time in six sessions on Tuesday, as investors returned to the market to seek cheap valuations after prices fell to an eight-month low.

On the Chicago Mercantile Exchange, US corn for July delivery inched up 1.88 cents, or 0.54%, to trade at $3.5088 a bushel during U.S. morning hours. A day earlier, prices fell to $3.4660, a level not seen since October 20, before ending at $3.4820, down 4.6 cents, or 1.35%.

The U.S. Department of Agriculture said Monday that approximately 73% of the corn crop was in good to excellent condition as of June 14, down from 74% in the preceding week.

Corn emergence rose to 97% last week from 91% a week earlier, above the five-year average of 95%.

Meanwhile, US wheat for July delivery tacked on 2.62 cents, or 0.54%, to trade at $4.9263 a bushel. On Monday, wheat slumped to $4.8600, the weakest level since June 1, before closing at $4.8920, down 14.4 cents, or 2.88.

According to the USDA, nearly 11% of the U.S. winter-wheat crop was harvested as of June 14, compared to 4% a week earlier. Approximately 15% of the crop was harvested in the same week a year earlier, while the five-year average for this time of year is 20%.

About 43% of the U.S. winter-wheat crop was rated good to excellent as of last week, unchanged from the preceding week. The agency also said that nearly 70% of the spring-wheat crop was in good to excellent condition, compared to 69% a week earlier.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery rose 5.02 cents, or 0.54%, to trade at $9.4262 a bushel. Prices of the oilseed hit $9.3020 on Monday, the lowest level since June 2, before settling at $9.3760, down 2.2 cents, or 0.24%.

Nearly 67% of the soybean crop was in good to excellent condition as of June 14, according to the USDA, down from 69% in the preceding week and compared to 73% in the year-earlier period.

Almost 87% of the soybean crop was planted as of last week up from 79% in the preceding week. Approximately 91% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 90%.

Soybean emergence was 75% complete, improving from 64% a week earlier, while the five-year average pace for the week is 77%.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.