U.S. farmers sowed less winter wheat than analysts forecast amid ample supplies for the crop, the government said.
Farmers planted 36.61 million acres of winter-wheat varieties, the U.S. Department of Agriculture said Tuesday, below the lowest estimate in a Bloomberg survey of analysts. The plantings would be the lowest since 2010, according to USDA data.
A separate report showed 1.74 billion bushels of wheat were in storage as of Dec. 1, more than analysts predicted and 14 percent bigger than a year earlier. Supplies of corn on that date were little changed from a year earlier, while soybean inventories were up 7.4 percent from the previous year, the USDA also said.
In a report on world inventories, the department unexpectedly raised its wheat supply estimate, with a record global harvest forecast on rising production in the European Union, Australia and nations of the former Soviet Union.