Corn prices plunge after USDA reports bumper crop

AP - Corn prices are plunging after the government reported that U.S. farmers have planted the second-largest crop in nearly 70 years.

News of the huge crop took investors by surprise. Many had been expecting the wet weather this spring would keep the annual corn crop small. The only crop that was bigger in the past 67 years was planted in 2007.

This year's crop of 92 million acres is 9 percent larger than the average crop over the past 10 years. Farmers were highly motivated to plant corn rather than crops like soybeans after the price of corn hit a record of $7.99 a bushel this year.

Corn for December delivery fell 30 cents to settle at $6.205 a bushel Thursday. September wheat fell 9 percent to $6.1425 a bushel.

Source: http://sg.finance.yahoo.com/news/Corn-prices-plunge-after-USDA-apf-792111113.html?x=0