A Peek into the Crop Futures and USDA Crop Report
On Tuesday, the U. S. wheat futures dropped, extending its two-day losses to three percent. The forecasts of beneficial rains in the U. S kept what prices close to its five-week low. The drop came in spite of the U. S. Department of Agriculture (USDA) marking the condition of the crop, lower than the market expectations.
Looking at some crop futures, the most active wheat futures on the Chicago Board of Trade dropped 0.11 percent to $4.46-3/4 a bushel. It closed 2.8 percent down on Monday, a time when prices touched its five-week low of $4.46 a bushel.
For the most active soybean, there was a very little change in its futures at $9.28-3/4 a bushel. On Monday it closed 1.25 percent up before.
On the day, the most active corn futures climbed 0.14 percent to $3.54-1/4 a bushel. On the previous day it closed 1.5 percent down.
According to the USDA, fifty six percent of the U. S. wheat crop was rated between good to excellent. Last week it was up by three percent. The agency said corn planting was four percent complete which surpassed analysts' expectations.
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