Corn Plunges On Higher-than-forecast Stock Levels

By the Associated Press

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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Stocks

Markets Look Confused After Latest Beating

Markets Look Confused After Latest Beating

General Electric Expulsion From Dow Symbolizes Unsettled Week in Markets

General Electric Expulsion From Dow Symbolizes Unsettled Week in Markets

How Small-Cap Stocks Can Protect Your Portfolio From a Trade War

How Small-Cap Stocks Can Protect Your Portfolio From a Trade War

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In