Corn stocks prompt price dive

Corn futures prices nosedived yesterday after US government data showed bigger-than-expected stockpiles and a large grain crop. The Department for Agriculture said both acreage and stocks were high, scuppering fears that food prices would rise. Corn prices have jumped to record highs over recent weeks as the market feared stocks were too low. But the price rises depressed demand, leaving June 1 stockpiles 11 per cent higher than anticipated while corn sowing was two per cent up.