The commodities boom took a serious knock today following a report from the US Agricultural Department.

The report revealed that farmers expect to plant 18% more soybeans and 5.5% more wheat this year.

According to BusinessWeek, “soybeans for May delivery dropped 70 cents to $11.9725 a bushel on the Chicago Board of Trade, its lowest level in three months. Wheat fell to a two-month low, losing 60 cents to $9.29 a bushel on the CBOT.”

Corn prices rose, however, adding 9.25 cents to $5.6975 a bushel on the CBOT after the report revealed that farmers intend to to plant 8% less corn.

Another commodity set to rise is copper, at least according to top commodities fund manager Frank Holmes.

Frank expects copper – which has gained 400% in the past five years and now sells for $3.75 per pound – to hit $8 to $10 in the coming years.

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