U.S. corn inventories before next year’s harvest will be less than the government forecast last month as excessive rains in May and June reduced harvested production.
Reserves on Aug. 31, 2014, will total 1.837 billion bushels, down from 1.959 billion (49.77 million metric tons) forecast in July, the U.S. Department of Agriculture said today in a report. Analysts surveyed by Bloomberg were expecting 2.013 billion, on average. Inventories before the start of this year’s harvest will total 719 million bushels, compared with 729 million forecast a month earlier and 989 million last year.
U.S. farmers will collect a record 13.76 billion bushels, down from 13.95 billion estimated last month, the USDA said after completing its first surveys of farmers and fields. The average projection of 27 analysts surveyed by Bloomberg was 14.036 billion.
Average yields this year may reach 154.4 bushels an acre, down from 156.5 bushels estimated in July and up from 123.4 bushels in 2012. Analysts surveyed by Bloomberg expected 158 bushels, on average. Harvested acreage was forecast at 89.1 million acres this year, unchanged from last month, the USDA said.
World output in the crop year that begins Oct. 1 will be 957.15 million tons, down from 959.84 million forecast last month, the USDA said. Global inventories at the end of the marketing year will be 150.17 million tons, down from 150.97 million predicted in July, the USDA said. Traders expected reserves to rise to 152.36 million, on average.
Through Aug. 9, corn futures on the Chicago Board of Trade tumbled 45 percent in the past 12 months to $4.5325 a bushel.