Soybeans and corn slump after government report

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Associated Press

Posted on June 30, 2014 at 1:01 PM

Prices for corn and soybeans are plunging after a government report raised expectations of a bumper crop.

The U.S. Department of Agriculture said Monday that farmers have planted a record high 84.8 million acres of soybeans this year, up 11 percent from last year.

The USDA's report suggested that corn supplies are rising, too. Stockpiles rose to 3.8 billion bushels, up from 2.7 billion last year and higher than estimates.

Soybeans slumped 71 cents, or 6 percent, to settle at $11.57 a bushel, the lowest price since last August, according to FactSet data. Corn dropped 22 cents, or 5 percent, to settle at $4.25 a bushel, the lowest price since January.

In other trading, gold for August rose $2 to $1,322 an ounce. The price of crude oil slipped.

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