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Grains, Soybeans Plunge as USDA Forecasts Bigger U.S. Supplies

Corn and wheat prices plunged the most in three months, while soybeans slid, after an increase in stockpile forecasts by the U.S. government eased concern that shortages will inflate prices for food and biofuels.

Inventories of corn in the U.S., the world’s top grower and exporter, may total 846 million bushels before this year’s harvest, 12 percent more than analysts expected, a U.S. Department of Agriculture report showed today. The 2011 crop totaled 12.358 billion, above a December forecast, while global output will be a record for a fifth straight year. World wheat reserves will rise to the highest since 2000, the USDA said.