U.S. soybean supplies rise to 11-year high, corn stocks down 7 percent

FILE PHOTO: A soybean crop is shown outside Baton Rouge, in Erwinville, Louisiana, U.S., July 9,2018. Picture taken July 9, 2018. REUTERS/Aleksandra Michalska

CHICAGO (Reuters) - U.S. soybean supplies ballooned more than expected ahead of a bumper harvest that is forecast to add to the glut while corn stocks shrank by less than expected despite reports of strong demand, U.S. Agriculture Department data showed on Friday.

Soybean stocks as of Sept. 1 stood at 438.1 million bushels, the biggest in 11 years, according to the government’s quarterly stocks report. The corn stockpile totaled 2.140 billion bushels, down 7 percent from a year earlier.

Wheat stocks were 2.379 billion bushels compared to 2.253 billion bushels a year ago.

Analysts had expected the report to show soybean stocks of 401 million bushels, corn stocks of 2.010 billion bushels and wheat stocks of 2.343 billion bushels, according to the average of estimates given in a Reuters poll.

Reporting by Mark Weinraub; Editing by Andrea Ricci