Chicago Board of Trade corn futures Cv1 tumbled on Friday on the release of the U.S. Department of Agriculture's acreage report, showing far more corn acres planted than the trade expectations.

CBOT September corn CU24 settled down 15 cents at $4.07-1/2 per bushel, after briefly falling below $4.00 a bushel.

CBOT new crop December corn CZ24 ended down 13 cents at $4.20-3/4 a bushel.

For the week, CU24 fell more than 6%, its second weekly decline in a row.

The USDA estimated corn plantings at 91.5 million acres, above analysts' expectations for 90.4 million. In March, USDA projected farmers would plant 90 million acres.

The estimate helped drive corn futures CU24 to contract lows, as larger-than-expected plantings would add to the biggest U.S. grain supplies in years.

Overall, U.S. corn stocks were at 4.993 billion bushels.

U.S. corn supplies stored at the farm level stood at nearly 3.03 billion bushels as of June 1, the highest on-farm stocks on record for that date since 1988.

CBOT reported 744 deliveries against the July CN24 corn contract on first notice day, above a range of trade expectations for zero to 500 lots.

Source: Reuters (Reporting by Renee Hickman; editing by Diane Craft)