U.S. Corn Surplus Estimate Raised 5% on Slowing Global Demand
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U.S. corn stockpiles before the next harvest will be 5 percent larger than forecast a month ago, and more than analysts expected, as demand slows, the U.S. Department of Agriculture said.
Inventories will total 632 million bushels (16.06 million metric tons) on Aug. 31, up from 602 million forecast in January and less than 989 million bushels a year earlier, the USDA said today in a report. The average estimate of 31 analysts in a Bloomberg survey was 616 million. Corn futures have plunged 16 percent since reaching a record in August as global supplies improved and high prices slowed demand for U.S. exports and ethanol.