Feb. 22 (Bloomberg) -- 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.
Domestic corn inventories before next year’s harvest may rise to 2.177 billion bushels, rebounding 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 will rise 35 percent to a record 14.53 billion, the USDA said, as consumption of the biggest U.S. crop increases 16 percent.
Record U.S. soybean production of 3.405 billion bushels, up 13 percent from 2012, will double stockpiles before the 2014 harvest to 250 million bushels, up from a nine-year low of 125 million forecast for this year, the USDA said. Consumption is forecast to rise 7 percent to 3.295 billion, from 3.08 billion this year. Yields may rise to 44.5 bushels an acre from 39.6 last year.
U.S. wheat inventories will fall to 639 million bushels before the 2014 harvest, from 691 million projected on June 1 this year, the USDA said. Production is forecast to fall 7.4 percent to 2.1 billion this year as yields fall to 45.2 bushels an acre from 46.2 bushels.
The U.S. is the world’s largest grower of corn, and the biggest exporter of corn, soybeans and wheat.
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