USDA Says Corn Inventory May Triple to 26-Year High
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U.S. corn inventories before the 2014 harvest will triple to the highest since 1988 as output jumps to a record following the worst drought in seven decades, the government said.
Stockpiles before next year’s harvest may rise to 2.177 billion bushels from a 17-year low of 632 million projected this year, the U.S. Department of Agriculture said today in a report. Yields may average 163.6 bushels an acre after dropping to 123.4 bushels last year. Production of the grain, the nation’s biggest crop, will rise 35 percent to a record 14.53 billion as consumption increases 16 percent.