U.S. Corn-Supply Forecast Surprises Analysts Expecting Cut
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The government’s estimate of U.S. corn inventories before this year’s harvest was left unchanged at the lowest since 1996, surprising analysts who expected demand for ethanol and animal feed to further erode supplies.
Stockpiles on Sept. 1 will total 675 million bushels (17.14 million metric tons), down from 1.708 billion bushels a year earlier, the U.S. Department of Agriculture said today in a report. Analysts expected 589 million bushels, on average. Corn futures have more than doubled in the past year in Chicago because of rising demand. The soybean-surplus estimate was also unchanged, while wheat inventories were projected to decline.