A pair of USDA reports showed plenty of corn and soy on hand now and that farmers are expecting to plant more of both, sending both commodities' prices sharply lower in morning trade on the CBOT.

Corn prices for May delivery fell about 8 cents to trade around US$3.45 per bushel and soy for May fell about 38 cents to about US$9.35 per bushel in morning trade on the CBOT.

USDA's data showed that farmers intend to plant about 88.8 million acres of corn this spring, up 3% from both last year and 2008, though not quite as large a gain in acreage as market analysts were expecting.

USDA attributed the increased corn acres in part to reduced winter wheat acreage and expectations of improved net returns.

According to the report, soy producers intend to plant 78.1 million acres in 2010, up less than 1% from last year and also short of analysts' average forecast. Still, if realised, this would be the largest area planted to soy on record.

Additionally, data also showed corn stocks in all positions on March 1 totalling 7.69 billion bushels, up 11% from a year ago. Soy stored in all positions totalled 1.27 billion bushels, down 2% from March 1, 2009.