U.S. Farmers Reduce Winter-Wheat Planting More Than ForecastAlan Bjerga
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.