June 11, 2020 / 4:41 PM / 2 months ago

U.S. corn supplies seen rising as ethanol production wanes - USDA

CHICAGO, June 11 (Reuters) - The U.S. government boosted its already robust outlook for domestic corn supplies on Thursday, with a reduction in ethanol production outweighing a cut in the estimate of last fall’s harvest.

In its monthly supply and demand estimate report, the U.S. Agriculture Department pegged corn ending stocks for the current 2019/20 marketing year at 2.103 billion bushels, 5 million bushels higher than its May projection. It lowered its estimate of the amount of corn used by ethanol producers by 50 million bushels and cut its harvest estimate by 46 million bushels.

Corn ending stocks for the 2020/21 marketing year, which had been forecast as the highest since 1987/88 in May, were raised by 5 million bushels to 3.323 billion bushels. (Reporting by Mark Weinraub Editing by Chizu Nomiyama)

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