U.S. corn and soybean futures plunged on Thursday, with both commodities on track for their biggest daily loss in months, after a government crop report shocked professional traders in both Chicago and New York.
The U.S. Department of Agriculture in its annual plantings and quarterly stocks reports also said farmers would plant the most corn acres since 1936 and the fourth largest soybean area ever.
Corn stocks were estimated as 5.399 billion bushels, above the average analyst estimate of 5.013 billion bushels. Soybean stocks were pegged at 999 million bushels, above trade guesses of 935 million bushels.
Corn dropped more than five percent on the news, headed for its biggest daily loss since last May. Soybeans fell 3.8 percent, on pace for its worst daily loss in 2-1/2 months, with the declines limited relative to corn after the crop report estimated fewer-than-expected soybean acres.