19:47 ET<\/span><\/span><\/p>\nThe price of corn suffered its biggest fall for 15 years on Thursday, prompting speculation that the high cost of food may start to ease.<\/p>\n
Corn prices fell 10% after a US Department of Agriculture report that farmers are sowing unexpectedly large amounts of the grain.<\/p>\n
The price of other crops, including soybeans, also fell on speculation that future stock levels will remain high.<\/p>\n
Corn prices recently hit a record, helping to fuel inflation worries.<\/p>\n
The report said farmers in the vast crop regions of Iowa and Minnesota had been planting substantially more grain.<\/p>\n
Corn futures, which were just under an all-time high of $8 (\u00a35) a bushel at the start of June, finished 9.9% down at $6.29 on Thursday. At one point, the price was down almost 12%.<\/p>\n
Wheat futures ended 8.8% down, with soybeans 2.1% lower. Analysts predicted the falls would continue when markets in Asia opened on Friday.<\/p>\n
The Agriculture Department report that far more grain acreage is being planted than expected came despite recent bad weather in the US Midwest.<\/p>\n
“There are some big surprises in this report,” said Karl Setzer, commodity expert at the MaxYield Cooperative in Iowa.<\/p>\n
The report said farmers had planted 92.282 million acres with corn this spring, well above an average trade estimate of 90.767 million acres.<\/p>\n
The increase in planting comes as Russia is expected soon to lift a year-long ban on grain exports.<\/p>\n
Price delay<\/span><\/p>\nMore expensive grain has led to food price rises, with everything from meat and cereal to soft drinks more expensive in the supermarket.<\/p>\n
A huge harvest in August is likely to slow food inflation, which was predicted to rise between 3%-4% this year in America.<\/p>\n
Analysts said it typically takes about six months for changes in commodity prices to feed into retail food prices.<\/p>\n
“All of us who perceived tighter [corn] supplies… were proven wrong today,” said Jason Ward, an analyst with Northstar Commodity.<\/p>\n
However, Mr Ward pointed out that the extra acreage had yet to be harvested and could yet be damaged by further bad weather.<\/p>\n<\/div>\n
Continued here:
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