By Jeffrey Sparshott and Jesse Newman
WASHINGTON--U.S. corn, soybean and wheat inventories all rose
from a year earlier, according to a government report released
Tuesday.
The U.S. Department of Agriculture said domestic corn stockpiles
on June 1 totaled 4.447 billion bushels, up 15% from 3.852 billion
bushels on the same date last year. Analysts surveyed by The Wall
Street Journal had forecast 4.512 billion bushels of corn.
Soybean reserves on June 1 totaled 625 million bushels, up 54%
from 405 million bushels a year earlier. Analysts had forecast 674
million bushels of soybeans.
And 753 million bushels of wheat were in storage, compared with
590 million on the same date in 2014. Analysts had forecast 713
million bushels.
Rainfall has swamped fields across the American Midwest in
recent weeks, delaying soybean planting and causing concern over
yield reductions in this year's corn and wheat crops.
In a separate report, the USDA said growers planted a record
85.139 million acres of soybeans, up from 83.701 million last year.
Analysts had expected 85.187 million acres planted with
soybeans.
"Record high planted acreage is estimated in Kentucky,
Minnesota, Ohio, Pennsylvania and Wisconsin," the government agency
said.
In March, the USDA estimated nationwide soybean acreage at
84.635 million.
Ahead of Tuesday's report, analysts cautioned that the USDA's
outlook for soybean acreage would likely be discounted since it
reflects farmers' planting intentions at the beginning of the
month--before soaking rains prevented many growers from seeding
their fields.
The USDA forecast corn plantings at 88.897 million acres, down
from 90.597 million last year and the lowest level since 2010.
Analysts had forecast 89.173 million acres.
U.S. growers are expected to plant 56.079 million acres of
wheat, compared with 56.822 million in 2014. Analysts had expected
55.651 million acres.
Write to Jeffrey Sparshott at jeffrey.sparshott@wsj.com and
Jesse Newman at jesse.newman@wsj.com.