Soybean prices are climbing to an eight-week high following concerns over slower than usual soy crop planting. As of last week only 6% of the U.S. crop was planted, well below the 43% planted in the same week last year, according to the U.S. Department of Agriculture. Soybeans futures for July delivery rose 0,2% on the day and traded at $14.5138 a bushel on the Chicago Mercantile Exchange.
Corn futures for July delivery also gained today and traded at $6,5638, up 0,5% on the day amid news of slow crop planting process. According to the U.S. Department of Agriculture, only 28% of the corn crop was planted as of last week compared to 82% in the same week a year earlier.
Wheat futures for July delivery went down by 0,1% on the day and were traded at $6,8288 a bushel. On Friday, May 17, wheat reached its weakest level since April 3, following news of global wheat inventories rising and weather forecasts favorable for developing crops in the Black Sea region.
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