The price of corn was seen plummeting Friday after a US Department of Agriculture (USDA) study found both stockpiles and seeded areas to be larger than market forecasts. The whopping 92.28 million acres of land seeded this spring was the largest since World War II, with farmers overcoming the relatively colder and wetter period that had many economists speculating a short-fall this year.
Moreover, the amount of corn held in storage was found to be larger than many analysts were anticipating, with an amount of 3.67 billion bushels located in US stockpiles. The price of corn has so far fallen to a low not seen since March, with a current value just under $5.82 per bushel and steadily declining.
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