The U.S. Agriculture Department (USDA) on Tuesday raised its outlook for how much corn will be left in grain elevators ahead of harvest this year due to falling demand from the export, feed and residual and ethanol sectors.
According to a report at Reuters, corn stocks as of September 1 were forecast at 2.035 billion bushels, USDA said in its monthly supply and demand report, up from its March forecast of 1.835 billion bushels.
Analysts had been expecting corn stocks of 1.991 billion bushels, according to the average of analysts’ estimates in a Reuters poll.
