Corn and Wheat Futures Fall Sharply as USDA Says Stockpiles End Up Higher Than Expected

“CHICAGO—U.S. corn futures fell sharply Thursday after government reports showed higher-than-expected stockpiles, and forecast farmers would plant the largest crop seen in more than 75 years.

The U.S. Department of Agriculture said domestic corn stockpiles reached 5.4 billion bushels as of March 1, well above analysts’ expectations, in a sign that less than expected was used for animal feed, while last year’s harvest may have been larger than originally estimated by the agency.

“The fact that everybody was so completely wrong really suggests that the crop was bigger,” said Bryce Knorr at Farm Futures, a trade publication.

Chicago Board of Trade May corn futures were recently down 40 cents, or 5.4%—the maximum daily change allowed by the exchange—at $6.95 1/4 a bushel….”

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