“Prices sunk to new contract lows for spot July and Sept. while Dec traded to a 3-year low. Today’s USDA data was bearish for corn with both stocks and acres above expectations. Both corn and bean acres are likely to be met with skepticism as 3.36 mil. acres of corn and 12.8 mil. of soybeans were not planted at the time of the survey,” according to ADM Investor Services. “Unless weather turns more threatening it will be hard for rebounds in price to hold despite the significant speculative short in the market.”