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U.S. corn futures slump to 1-week low on ideal crop weather

Published 06/22/2015, 06:14 AM
© Reuters. U.S. corn hits 1-week low on ideal crop weather
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Investing.com - U.S. corn futures declined for the third consecutive session on Monday to hit a one-week low on forecasts for drier, warmer weather in the southern Great-Plains region, which was expected to benefit crop prospects.

On the Chicago Mercantile Exchange, US corn for July delivery hit a session low of $3.5063 a bushel, the weakest level since June 16, before trading at $3.5163 during U.S. morning hours, down 0.78 cents, or 0.22%. On Friday, corn lost 4.6 cents, or 1.33%, to end at $3.5320.

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

Later in the day, the USDA will release updated crop progress numbers for the week ended June 21.

Meanwhile, US wheat for July delivery tacked on 2.27 cents, or 0.47%, to trade at $4.9088 a bushel amid concerns over the pace of the winter-wheat harvest.

Approximately 11% of the U.S. winter-wheat crop was harvested as of June 14, below the 15% harvested in the same week a year earlier and trailing the five-year average of 20% for this time of year.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery inched up 0.93 cents, or 0.1%, to trade at $9.7313 a bushel. Prices of the oilseed hit a five-week high of $9.8160 on June 18 amid growing worries over crop conditions.

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, below the five-year average pace of 90% for this time of year.

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

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