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U.S. Corn-Surplus Seen Larger Than Expected on Early Harvest

The U.S. corn surplus on Aug. 31 will be larger than analysts expected as more wheat is used to feed livestock and as farmers start the harvest early after a warmer-than-usual spring in the Midwest, the government said.

Unsold supplies at the end of the marketing year, when the harvest is normally just getting under way, will total 801 million bushels, unchanged from the March forecast and down from 1.128 billion a year earlier, the U.S. Department of Agriculture said today in a report. The average estimate of analysts surveyed by Bloomberg News was for 715 million bushels after consumption in the three months through February unexpectedly rose.