Prices of agricultural commodities fell after U.S. Department of Agriculture figures reported that farmers had thrown market expectations out of sync by planting a large area with corn and soybean, reported the Financial Times.

The increased plantings take some of the pressure off global food prices and put to rest fears of a repeat of the 2007-2008 food crisis, which resulted in riots in developing nations.

The USDA reportedly stated that 87 million acres, not the expected 85 million acres, were planted with corn. Soybean acreage exceeded the 76 million acre estimate by 1.5 million.

Anticipated price of the soybean crop to be harvested November dropped 2% to $9.645½/bushel. Wheat prices fell to an intraday low of $4.95¾ a bushel.

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