(New throughout; updates prices and adds quotes; changes dateline from previous SYDNEY/LONDON, changes byline)
* USDA sees U.S. soy plantings at record-high 84.8 million acres
* U.S. soy stocks at 405 million bu, at high end of expectations
* U.S. corn stocks top average trade guess; area in line with March
* All-wheat acreage at 56.5 million, above avg trade estimate
By Julie Ingwersen
CHICAGO, June 30 (Reuters) – Corn, wheat and soybean futures on the Chicago Board of Trade tumbled on Monday after the U.S. Department of Agriculture reported higher-than-expected figures for U.S. soy plantings and June 1 corn and soy stocks.
The government reported 2014 soybean seedings at a record-high 84.8 million acres, topping a range of analyst estimates.
“The corn and bean acres are stunning,” said Mark Gold, managing partner at Top Third Ag Marketing in Chicago, adding, “This report opens up the door to the risk of significantly lower prices.”
At the Chicago Board of Trade as of 11:47 a.m. CST (1647 GMT), the most-active November soybean contract, representing the 2014 U.S. harvest, was down 59 cents at $11.69 per bushel, after falling to $11.62-1/4, a four-month low.
New-crop December corn was down 18 cents at $4.29-1/4 after setting a life-of-contract low at $4.25-1/2.
CBOT September wheat was down 16 cents at $5.77-3/4 per bushel.
Corn fell after USDA reported U.S. June 1 stocks at 3.854 billion bushels, above an average trade estimates at 3.722 billion. USDA pegged 2014 corn seedings at 91.641 million acres, near its March estimate of 91.691 million.
For soybeans, along with the big plantings number, USDA reported June 1 stocks at 405 million bushels, above the average trade estimate of 378 million.
“You found more old-crop soybeans than you thought … The funds are caught long in a market that is fundamentally shifting to a negative,” said Don Roose, president of U.S. Commodities in West Des Moines, Iowa.
USDA reported all-wheat plantings at 56.474 million acres and spring wheat plantings at 12.7 million acres, a figure that surpassed the range of analyst expectations.
Yet spring wheat futures at the Minneapolis Grain Exchange gained relative to CBOT wheat, supported by concerns about heavy rains in the northern U.S. Plains and Canadian Prairies.
For the quarter ending Monday, front-month CBOT corn was poised drop 15.2 percent, the sixth quarterly slide in the last seven, while soybeans was set to finish the quarter down 4.5 percent.
Front-month wheat was down 18.9 percent for the quarter, the biggest slide in three years as a bumper crop is expected from most major global wheat producers.
Prices at 12:01 p.m. CDT (1700 GMT) LAST NET PCT CHG CHG CBOT corn 427.75 -15.25 -3.4% CBOT soy 1396.75 -35.25 -2.5% CBOT meal 453.00 -16.80 -3.6% CBOT soyoil 39.06 -0.92 -2.3% CBOT wheat 564.75 -20.50 -3.5% (Additional reporting by Colin Packham in Sydney and Sarah McFarlane in London; Editing by Pravin Char and Meredith Mazzilli)