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A big oil spike is taking the starch out of corn.
Agricultural commodities such as corn, wheat and soybeans plunged Tuesday as a surge in oil prices sent traders scurrying for the safety of precious metals and government bonds.
Corn futures dropped with fund traders selling in high volumes as U.S. Department of Agriculture raised the estimate of acreage to be planted for 2011. Wheat prices fell on concerns that escalating violence in Libya could spread to other countries and slow the economic recovery. A downturn in Chinese equities and continued beneficial weather in South America weighed on soybean prices Tuesday.