Corn inventories before the 2015 harvest in the U.S., the world’s largest grower and exporter, will be higher than analysts predicted as this year’s crop surpasses the 2013 record.
Reserves on Aug. 31, 2015, will reach 1.726 billion bushels from 1.146 billion forecast this year, the U.S. Department of Agriculture said today in a report. Analysts in a Bloomberg survey expected 1.709 billion.
Production in the season that starts Sept. 1 will total 13.935 billion bushels, compared with last year’s record 13.925 billion bushels (353.7 million metric tons) and the 13.939 billion forecast by analysts.
Corn futures have gained more than 5 percent in 2014 as exports surged and record cattle and hog prices boosted demand for the grain in animal feed.
World reserves before the 2015 harvest may climb to 182.7 million tons from 169.1 million this year, USDA said. Analysts surveyed by Bloomberg expected 181.2 million, on average.
Corn is the biggest U.S. crop, with a 2013 value of $62.7 billion, government figures show.