U.S. corn futures ease from 1-week high on Midwest planting outlook

Investing.com - U.S. corn futures fell from the previous session's one-week peak on Thursday, as crop-friendly weather in the U.S. Midwest was likely to aid planting progress and boost early crop development.

On the Chicago Mercantile Exchange, US corn for July delivery inched down 0.82 cents, or 0.23%, to trade at $3.6538 a bushel during U.S. morning hours. A day earlier, corn rallied to $3.6940, the highest level since April 30, before closing at $3.6660.

Futures slumped to $3.5560 on Tuesday, a level not seen since October 27, amid indications of rapid planting progress in the U.S. Midwest last week.

According to the U.S. Department of Agriculture, approximately 55% of the corn crop was planted as of May 3, up from 19% in the preceding week. Nearly 28% of the crop was planted during the same week a year earlier, while the five-year average for this time of year is 38%.

Meanwhile, US wheat for July delivery dipped 0.47 cents, or 0.1%, to trade at $4.7913 a bushel. On Wednesday, wheat jumped 12.6 cents, or 2.73%, to end at $4.7920, the strongest level since April 30.

Wheat tumbled to a contract-low of $4.6060 on Tuesday as dry weather conditions in key U.S. wheat-growing states was likely to benefit crop conditions.

Nearly 75% of the spring wheat crop was planted as of May 3, up from 55% in the preceding week, according to the USDA. Only 25% of the crop was planted in the same week a year earlier, while the five-year average for this time of year is 40%.

The agency also said that the U.S. winter wheat crop was rated 43% good to excellent as of last week, up from 42% in the preceding week.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery tacked on 2.23 cents, or 0.23%, to trade at $9.8463 a bushel. Prices of the oilseed rose to $9.9040 on Wednesday, the most since April 30, before turning lower to settle at $9.8240, down 2.2 cents, or 0.23%.

Soybeans remained supported by strong gains in the soy oil market.

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