Corn prices tumbled Thursday on a rosier-than-expected supply outlook, not the best news for farmers but welcome information for food companies and ultimately consumers.
Corn futures in Chicago markets fell the most since November, while wheat experienced its biggest plunge since January 2009, as the U.S. government reported grain acreage and inventories that topped estimates by analysts.
“It was very much of a surprise,” said Arlan Suderman, a market analyst with Farm Futures magazine. “Corn was the biggest shocker in acreage and in stocks.”
U.S. farmers planted 92.3 million acres of corn this year, 1.8 percent more than projected by analysts in a Bloomberg News survey, and the second-most since 1944, the U.S. Department of Agriculture said Thursday. Corn stockpiles as of June 1 were 3.67 billion bushels, 12 percent higher than forecast. [Read more...]





