U.S. Corn-Surplus Estimate Increased on Increased Supplies
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U.S. stockpiles of corn before next year’s harvest will be 0.6 percent larger than estimated last month because of a gain in imports, the government said.
The surplus on Aug. 31, the end of the marketing year, will be 832 million bushels, up from 827 million forecast in November and less than 1.708 billion on hand a year earlier, the U.S. Department of Agriculture said today in a report. A rise in imports to 15 million bushels from 10 million was the only change the department made from the previous forecast. Analysts surveyed by Bloomberg News expected inventories of 806 million bushels, on average.