Investing.com - U.S. wheat futures fell from the previous session's five-week peak on Tuesday, after the U.S. Department of Agriculture revealed that winter-wheat crop conditions improved last week.
On the Chicago Mercantile Exchange, US wheat for May delivery fell 5.28 cents, or 0.99%, to trade at $5.2813 a bushel during U.S. morning hours.
A day earlier, prices touched $5.4038, the most since February 18, before settling at $5.3400, up 4.0 cents, or 0.75%.
According to the USDA, Oklahoma winter wheat was rated 44% good to excellent, compared to 40% in the previous week, while Texas winter wheat improved by 4% to 55%.
In Kansas, the top wheat-producing state, the wheat crop was rated 41% good to excellent, unchanged from the previous week.
Meanwhile, US corn for May delivery tacked on 0.97 cents, or 0.25%, to trade at $3.9038 a bushel. US corn for May delivery hit $3.9160 on Monday, the highest since March 12, before ending at $3.9020, up 5.2 cents, or 1.36%.
Corn prices were supported amid bullish chart signals after futures broke above key moving-averages.
Elsewhere on the Chicago Board of Trade, US soybeans for May delivery inched down 1.48 cents, or 0.15%, to trade at $9.8113 a bushel. On Monday, US soybeans for May delivery touched $9.9000, the strongest level since March 13, before closing at $9.8340, up 9.6 cents, or 1.0%.
Optimism over the outlook for supplies in Brazil and Argentina combined with indications over a slowdown in demand for U.S. soybeans have weighed on prices in recent weeks.
Brazil and Argentina are major soybean exporters and compete with the U.S. for business on the global market. Large South American crop prospects could weigh on demand for U.S. supplies.
Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.3% to 96.91 early on Tuesday.
The greenback remained under pressure amid uncertainty over the path of U.S. monetary policy after the Federal Reserve downgraded its forecasts for growth and inflation and lowered its interest rate projections last week.
A weaker dollar increases the appeal of U.S. crops to overseas buyers and makes commodities more attractive as an alternative investment.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.