from Agrimoney.com:
Corn
futures plunged the exchange limit in Chicago, with soybean and wheat
prices falling too, after the US said that its stocks of all three crops
were larger than had been thought, easing concerns over tight supplies.
The US
Department of Agriculture added to ideas of an easing in the corn supply
squeeze by pegging domestic sowings of the grain at 97.3m acres, a
little above market expectations, and the largest area since 1936.
The
USDA said that US corn inventories as of the beginning of the month had
fallen to 5.40bn bushels, down some 600m bushels year on year, but well
above the figure that investors had expected following last year's
drought-hit harvest.
