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Corn plunges on higher-than-forecast stock levels

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the Associated Press | March 28, 2013 03:40 PM EST | AP


Corn is plunging after the government reported that inventories were higher than expected and that farmers intend to plant the most corn in almost 80 years.

Stocks of corn totaled 5.4 billion bushels March 1, the U.S. Agriculture Department said in its quarterly grain stocks report published Thursday, exceeding analysts' forecasts.

May corn fell 40 cents, or 5.4 percent, to $6.9525 a bushel, the biggest one day drop in more than nine months.

Wheat and soybeans also fell sharply.

Most metals declined as well.

Gold, silver, platinum and copper all fell, while palladium was up.

In energy trading, the price of oil edged higher, pushing the May contract up 65 cents, or 0.7 percent, to $97.23 a barrel.