The U.S. raised estimates of the nation’s corn surplus for this year because of less use of the grain for ethanol production.
Stockpiles on Aug. 31, before this year’s crop is harvested, are forecast at 1.876 billion bushels, up from last month’s estimate of 1.851 billion bushels, the U.S. Department of Agriculture said in a report Wednesday in Washington. Analysts in a Bloomberg survey forecast 1.865 billion bushels.
The department reduced its estimate of corn use for ethanol this crop year to 5.175 billion bushels, 25 million bushels less than last month’s forecast.
Soybean stockpiles as of Aug. 31 are forecast at 330 million bushels, down from 350 million bushels in last month’s estimate, USDA said, citing stronger exports.