2014.06.0301:50:42UTC+00Wheat ends major plummet as other crops decline from good planting

After enduring its longest collapse in 15 years that included a 9 day slide right until midday Tuesday, wheat saw its first advance in as long a period of time. July contracts for each bushel of the grain crop finally gained to $6.235, an increase of 0.4%.

The extended decline for the world’s most traded crop was partly due to the ongoing success of planting brought on by favorable spring conditions in major areas such as the western Dakotas, western Manitoba, and the Northern Plains. The same beneficial conditions are now continuing to affect other grain crops such as corn and soybeans.

In the lead was corn, whose value went down for a fourth straight day behind the accelerated planting of farmers in the US, the largest exporter of the crop in the world. Yesterday, it reached its lowest price since February 28th of $4.6025. Today, it shaved off as large 0.7% before landing each bushel at the worth of $4.6225 on the Chicago Board of Trade. It was at $4.6475 a bushel right before the market break in Tokyo.

The latest report from the US Department of Agriculture indicate that this season’s corn planting is nearing completion. At the start of June, 95% of the crop had already been planted, continuing its progress of 88% at the end May. So far, the present weather is not seen as a hindrance as rainfall is forecasted to be plentiful in the central and southwest Midwest making for near perfect conditions for corn and soybeans. The USDA expects that the amount of corn produced will be at 353.97 million metric tons representing an all time record.

Adding to this is the enhancement of the percentage of crops deemed as good or excellent which is 76% presently up from 63% from a year ago.

Finally, soybeans went down to $14.97 a bushel after losing 0.2%.