Wheat, corn, soybeans futures tumble as gov’t raises crop estimate; says 2009 yields at record

Agriculture futures tumble amid record crop report

CHICAGO — Agriculture futures plummeted in early trading Tuesday on the Chicago Board of Trade as the Agriculture Department said it expected a record corn corp and grain yields. Soybean production was also the largest on record.

The increase in production of grains, corn and soybeans, higher than the government had estimated in November, sent prices tumbling on expectations of higher supplies.

Wheat for March delivery plunged 35.5 cents to $5.37 a bushel; March corn sank 30 cents to $3.925 a bushel; March oats were flat at $2.68 a bushel; and March soybeans tumbled 34.5 cents to $9.76 a bushel.

Meanwhile, beef futures rose as pork futures declined on the Chicago Mercantile Exchange.

February live cattle added 0.15 cent to 85.20 cents a pound; March feeder cattle gained 1.3 cents to 97.70 cents a pound; February lean hogs slid 0.67 cent to 66 cents a pound; and February pork bellies lost 0.57 cent to 86.80 cents a pound.