Inventories totaled 1.855 billion bushels, down from 2.105 billion (57.3 million metric tons) a year earlier, the USDA said today in a report. Twenty-five analysts surveyed by Bloomberg News expected a 7.6 percent drop on average to 1.945 billion bushels.
About 991 million bushels were consumed in the quarter ended Aug. 31, up 10 percent from a year earlier, the USDA said. Farmers held 547 million bushels, compared with 573 million a year earlier. Supplies stored in commercial grain silos were 1.308 billion bushels, down from 1.532 billion.
Production of all wheat varieties will total 2.128 billion bushels in the marketing year that began June 1, the USDA said in a separate report, down from 2.266 billion harvested a year earlier. Analysts surveyed by Bloomberg predicted a drop to 2.018 billion bushels, down from a September forecast of 2.114 billion.
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