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US corn futures plunged more than 4 percent on Thursday in the market's steepest drop since mid-August after the US Agriculture Department forecast 2016 planted acreage well above trade expectations. Soyabeans drifted lower on spillover pressure from corn, although losses were limited by the USDA's lower-than-expected soyabean acreage and quarterly stocks estimates. Wheat firmed slightly on short covering, led by spring wheat futures which gained about 2 percent after the government pegged planted acreage below trade expectations at the lowest since 1972.
Corn fell to contract lows as the USDA report showed US farmers are planning to boost their corn seedings by 6.4 percent this year to 93.601 million acres (37.88 million hectares), which would be the third-highest level since 1944. Soyabean seedings were seen at 82.236 million acres, which would be the third-highest level ever but below the average trade forecast.
However, analysts said final acreage has would likely shift due to firmer soyabean prices since the USDA's survey was concluded earlier this month and as some farmers in flooded areas of the South may replant corn fields with soyabeans. The USDA also pegged March 1 corn stocks at 7.808 billion bushels, above the average analyst estimate of 7.801 billion and the largest for the quarter since 1987. Soyabean stocks rose to 1.531 billion bushels, above/below trade expectations for 1.556 billion, while wheat stocks rose to 1.372 billion bushels, compared with forecasts for 1.356 billion. Chicago Board of Trade May corn dropped 15-3/4 cents, or 4.3 percent, to $3.51-1/2 a bushel by 12:05 pm CDT (1705 GMT). CBOT May soyabeans were down 2-3/4 cents, or 0.3 percent, at $9.06-1/4 a bushel. CBOT May wheat rose 1-3/4 cents, or 0.4 percent, to $4.65-3/4 per bushel.

Copyright Reuters, 2016

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