U.S. Wheat Inventory Estimate Cut as Feed Use Increases

U.S. wheat inventories at the end of the marketing year on May 31 will be 3.5 percent smaller than forecast in January and lower than analysts expected on higher expected feed use, the U.S. Department of Agriculture said.

Stockpiles will total 691 million bushels (18.82 million metric tons), down from 716 million estimated a month ago and less than 743 million a year earlier, the USDA said today in a report. The average expectation of 29 analysts was 717 million bushels. About 375 million bushels will be used in animal feed, up from 350 million forecast in January, USDA data show.