Corn futures drop after USDA report confirms supply glut.

Grain markets were momentarily jolted out of a months-long torpor by a suite of grain reports from Washington. Corn and wheat futures dropped, and soyabeans jumped, after the US Department of Agriculture issued data on grain stocks, crop production and seedings of winter wheat. Supplies of grain are ample in many parts of the world, pressuring prices and draining volatility from the market. The state of plenty has weighed on trading returns for agricultural commodity merchants such as Archer Daniels Midland, Bunge and Cargill.