Corn futures traded in a narrow range

Corn futures for July delivery traded at 6.5663 USD a bushel, down 0.6% on the day. The July contract traded in a narrow range between 6.5663 USD a bushel, the daily low and a session high of 6.6063 USD a bushel.

Corn traders keep monitoring weather conditions across major grain-growing regions in the US due to concerns over US crop prospects.

The USDA reported this Monday that 91% of the US corn crop was planted as of June 2, below the five-year average of 95% for this time of year.

US grain futures traded lower on Thursday, with the front-month soybean contract drawing back from the previous session’s seven-month high after investors cashed out of the market to lock in recent gains.

On the Chicago Mercantile Exchange, soybeans futures for July delivery traded at 15.2400 USD a bushel, down 0.45% on the day. The July contract lowered by as much as 0.8% earlier and hit a session low of 15.1938 USD a bushel.

The oilseed hit a seven-month high of 15.4862 USD a bushel on Wednesday as ongoing concerns over US planting prospects grow.

Almost 57% of the US soy crop was planted as of last week according to the USDA, dramatically below the 93% planted in the same week last week. The five-year average for this time of year is 74%.

On the CBOT, wheat for July delivery traded at 6.9925 USD a bushel, a drop of 0.2% on the day. The July contract was traded in a range between 6.9913 USD a bushel, the daily low and a session high of 7.0288 USD a bushel.

Wheat futures soared to a three-week high of 7.1437 USD a bushel on June 3 due to ongoing concerns over US crop prospects.

The USDA reported that about 32% of the US winter wheat crop was rated “good” to “excellent” as of last week, below the 52% recorded in the same week last year.

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