CORRECTED-Big US corn area a reprieve for meat, ethanol cos.

(In June 30 story, corrects second paragraph to say farmers planted the second largest corn area since 1946)

* Food, fuel makers cheer big corn acreage

* Falling corn prices helps profit-margins

* Meat and ethanol producers have been struggling

* Corn prices have been in wide range

By Sam Nelson

CHICAGO, June 30 (Reuters) - A shockingly large area planted with corn this spring in the United States should bring relief to loss-making hog and cattle producers, ailing ethanol companies and consumers as grain prices come under pressure.

For starters, prices for corn futures fell on Tuesday by the daily allowed trading limit that amounted to an 8 percent slump as government data showed farmers planted the second largest corn area since 1946.

It was a far cry from about a year ago when grain prices shot to record highs on a combination of floods threatening the U.S. crop and speculative-investment buying that hurt many meat companies, ethanol makers and consumers.