Archer Daniels Midland (ADM) and Bunge (BG) could benefit as many U.S. farmers have shifted their fields from soybeans to corn to accommodate increased ethanol demands. Brazilian producers may offset a large portion of the decrease in U.S. soybean crop, and grains importer/exporters like Bunge Alimentos S/A and Archer Daniels Midland Brasil ltda may reap rewards by bringing international grains markets back into balance.
ADM 1-yr chart
BG 1-yr chart
Kellogg Company (K) should benefit from decreasing corn prices. In Kellogg's April 30th 2007 conference call transcript the CFO makes it very clear that commodity prices [which include corn] are a major risk and they had recently impacted profitability. The recent decrease in corn prices should have a positive impact on Kellogg's earnings. I wouldn't be surprised if management (and analysts following Kellogg) increased next quarter's earnings guidance which could cause significant stock price appreciation.
K 1-yr chart