By Jesse Newman
CHICAGO--U.S. grain and soybeans futures fell Tuesday following
better-than-expected crop ratings and stalled buying across
agricultural markets.
Wheat prices led the declines after the U.S. Department of
Agriculture in a report Monday showed significant harvest progress
made last week by growers of winter wheat. The USDA said about 55%
of the winter wheat crop was harvested as of Sunday, which is
slower than the five-year pace of 59%, but well ahead of the 38%
collected a week earlier. A break in precipitation allowed farmers
to harvest wheat crops in the eastern Midwest after rain delayed
fieldwork for weeks.
Prices for the grain also declined amid evidence of heavy buying
last week by hedge fund managers and others, after which buying
slowed, allowing prices to retreat.
Wheat futures for July delivery sank 8 1/2 cents, or 1.4%, to
$5.80 a bushel at the Chicago Board of Trade.
Corn and soybean prices also slid, pressured by
stronger-than-expected crop conditions. The USDA on Monday said
crop conditions for corn improved one percentage point from a week
earlier, with roughly 69% of U.S. corn in good or excellent
condition as of Sunday.
Meanwhile about 63% of the U.S. soybean crop was good or
excellent, unchanged from the prior week, the government said.
Analysts had anticipated a 2% decline for both crops.
CBOT July corn shed 6 1/4 cents, or 1.5%, to $4.12 1/4 a
bushel.
CBOT July soybeans declined 13 3/4 cents, or 1.3%, to $10.20 a
bushel.
Write to Jesse Newman at jesse.newman@wsj.com
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