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U.S. lowers corn supply forecast

Reuters
·1 min read

CHICAGO, June 10 (Reuters) - U.S. corn supplies will be smaller than previously forecast due to rising demand from the ethanol and export sectors, the government said on Thursday.

In its monthly World Agricultural Supply and Demand estimates, the U.S. Agriculture Department pegged that corn ending stocks in the 2020/21 marketing year that ends Aug. 31 will fall to 1.107 billion bushels, down from its May outlook for 1.257 billion bushels. For 2021/22, corn ending stocks were seen at 1.357 billion bushels compared to the May forecast for 1.507 billion bushels.

Analysts had been expecting the report to show corn ending stocks of 1.207 billion bushels in 2020/21 and 1.423 billion bushels in 2021/22. (Reporting by Mark Weinraub)