US corn and wheat futures plunged more than 6 percent on Thursday in their steepest slide in 3-1/2 months after the US Agricultural Department forecast supplies well above trade expectations in its closely watched January crop report. Soyabeans shed about 3 percent as the USDA also boosted its outlook for end-of-season supplies of the oilseed, sending prices to three-week lows.
March corn futures on the Chicago Board of Trade were down the daily 40-cent-per-bushel limit at 10:18 a.m. CST (1618 GMT) at $6.11-1/2, a 6.1 percent drop and the lowest since Dec. 22. CBOT March soyabeans fell 2.9 percent to a three-week low of $11.68-3/4 a bushel, the sharpest drop since Sept. 30. CBOT March wheat fell 6.5 percent to $5.99-1/2 in the steepest drop in 3-1/2 months as USDA estimated winter wheat planting in the United States at a three-year high and global wheat stocks the second largest in at least 50 years.
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