Corn prices have plunged since the government reported that inventories were
higher than expected and that farmers intend to plant the most corn in almost
80 years, according to the Associated Press.
Between Thursday Monday, corn prices fell 83 cents per bushel, marking the biggest four-day drop since January 2009.
Stocks of corn totaled 5.4 billion bushels March 1, the U.S. Agriculture Department said in its recent quarterly grain stocks report, exceeding analysts' forecasts.
While inventories are down 10 percent from a year ago, following last year's drought, Thursday's estimate still exceeded the expectations of traders and analysts.
Also, corn growers intend to plant 97.3 million acres of corn for 2013, a slight increase on last year and 6 percent higher than in 2011.
That would represent the highest total area planted in the U.S. since 1936, when 102 million acres were planted.
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