Corn saves U.S. from food inflation

According to an updated report from the U.S. Department of Agriculture, the agriculture sector is expected to plant nearly 90 million acres this year. That's only slightly higher than the March estimate. The soybean crop forecast, in turn, fell 3% to 88.3 million acres.

Corn futures in Chicago fell 4.2 percent to $6.26 a bushel after the department's report. That moved quotes closer to their highest monthly price decline since 2011. The decline could have a positive effect on U.S. inflation.