CHICAGO, May 12 (Reuters) - U.S. corn supplies will rise to their highest in 33 years with demand for ethanol remaining weak following this year’s massive plantings, the government said on Tuesday.
The U.S. Agriculture Department, in its first forecast for the 2020/21 marketing year based on its March acreage outlook, pegged corn stocks at a massive 3.318 billion bushels. If realized, that will be the fourth biggest ever and the largest stockpile since the 1987/88 marketing year.
USDA also raised its outlook for 2019/20 corn stocks to 2.098 billion bushels from its April forecast of 2.092 billion bushels.
USDA projected 2020/21 soybean ending stocks at 405 million bushels and 2020/21 wheat ending stocks at 909 million bushels. For 2019/20, it raised its soybean stocks view to 580 million bushels and bumped its wheat ending stocks view to 978 million bushels. (Reporting by Mark Weinraub)