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U.S. grain futures edge higher ahead of USDA report

Published 05/11/2015, 06:50 AM
U.S. grain traders look ahead to USDA's monthly supply & demand report
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Investing.com - U.S. grain futures were modestly higher on Monday, as market players awaited the release of the U.S. Department of Agriculture's monthly supply and demand report due late in the day.

On the Chicago Mercantile Exchange, US wheat for July delivery tacked on 1.23 cents, or 0.25%, to trade at $4.8263 a bushel during U.S. morning hours after hitting an intraday peak of $4.8420, the most since April 30.

On Friday, wheat jumped 8.6 cents, or 1.85%, to end at $4.8140 after the Wheat Quality Council's annual tour projected below-average yields in Kansas, fuelling concerns over the outlook for U.S. supplies.

Hard red winter-wheat production in Kansas was projected at 288.5 million bushels, below the five-year crop tour average of 313.6 million bushels.

Kansas is the largest wheat-producing state in U.S.

Meanwhile, US corn for July delivery inched up 0.38 cents, or 0.1%, to trade at $3.6338 a bushel. Corn rose 1.4 cents, or 0.41%, on Friday to close at $3.6300.

Corn's gains were limited 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%.

Elsewhere on the Chicago Board of Trade, US soybeans for July delivery advanced 4.88 cents, or 0.5%, to trade at $9.8188 a bushel. Prices of the oilseed tacked on 1.2 cents, or 0.13%, on Friday to settle at $9.7620.

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

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