Grain futures surged on Monday as investors looked ahead into the U.S. Department of Agricultures weekly update on U.S. planting progress. Wheat for July delivery hit a three-week high and traded at $7,1313 a bushel, followed by a decrease to $7,1275 at 11:13 GMT, up 1.04% on the day.
Prices found support in concerns about the grains quality. According to the U.S. Department of Agriculture, as of last week 31% of the wheat crop was rated “good” to “excellent”. It remained unchanged from the preceding week and still below the 54% for the same period last year.
Winter-wheat rated “very poor” to “poor” rose by 1% and stood at 42%, compared to the preceding week, while only 12% was in that category last year.
Corn futures for July delivery traded at $6,6813 a bushel at 11:16 GMT, up 0,93% on the day. According to the USDA, 86% of the U.S. corn crop was planted as of last week, below the five-year average of 90% and the same period last year of 99%.
Soybean futures for July delivery also rose and traded $15,3613 a bushel, up 1,73% on the day. According to USDAs report last week, 44% of the soybean crop was planted, below the five-year average of 61% and way below the 87% planted the same week last year. Soybeans prices were supported by steady demand from China last week, which dried up U.S. stockpiles. This is a fifth straight week of gain. Prices surged 7.7% in May as the worst drought in the U.S. since 1930 hit last July and eroded production.
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