Grain commodity futures plunged on Wednesday after the US Department of Agriculture hiked its forecasts for production this year.

In a report, the USDA said it now expects corn production to total 13.7 billion bushels this year from about 81 million acres of land, up from the forecast of 13.53 a month ago. Soybean output is expected at 3.916 billion bushels, up from 3.885 estimated last month.

The department projected wheat production at 2.14 billion bushels, an increase year-on-year.

According to Reuters, these estimates exceeded analysts' forecasts.

And right on cue, several grain futures nosedived.

Here's corn:

(Finviz)

Here's soybeans:

(Finviz)

And wheat:

(Finviz)

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