US MIDDAY: grains plunge

US grain futures tumbled on Wednesday, with corn falling to its lowest level in more than a month, as a US government report eased concerns over extremely tight supplies and cut export forecasts. Wheat snapped a three-day winning streak as the US Department of Agriculture forecast the smallest US winter wheat crop in five years.
Corn futures for July delivery fell the daily limit of 30 cents to $6.77-1/4 per bushel, a drop of more than 4 percent to the lowest level since March 31, while July wheat eased nearly 3 percent, or 23-1/4 cents, to $7.75-1/2. July soybeans were 13-1/4 cents lower at $13.24-3/4 per bushel, a decline of about 1 percent.