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Corn Drops on Inventories, Soybeans Fall on Record Acreage

June 30, 2014 at 19:03 by Vladimir Vyun

The US Department of Agriculture released several reports today, and they had devastating impact on grain prices. Corn was heading to a biggest loss in a year, while soybeans declined to the lowest level since January 2012.

The USDA reported that US inventories of corn totaled 3.854 billion bushels by the beginning of this month, up 39 percent from a year ago. This is compared to the median analysts’ estimate of 3.723 billion.

The agency estimated that area planted by soybeans this year was at the record high of 84.839 million acres, up 11 percent from the previous year. This reading was above expected 82.213 million. Acreage for harvest rose by 11 percent to 84.058 million acres and should also be at a record if realized.

December futures for delivery of corn declined as much as 5.31 percent to $4.2350 per bushel as of 18:58 GMT on CBoT. November soybeans slumped 6.11 percent to $11.5300 per bushel. Most other agricultural commodities also demonstrated huge losses.

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