CHICAGO, May 12 (Reuters) - U.S. corn and soybean supplies were expected to rise sharply in the coming year due to expectations of a record harvest for both crops, the government said on Friday.
Ending stocks of corn for the 2023/24 marketing year were pegged at 2.222 billion bushels, up from 1.417 billion in 2022/23, the U.S. Agriculture Department said in its monthly World Agriculture Supply and Demand Estimates report.
Soybean end stocks were forecast to grow to 335 million bushels from 215 million.
Analysts had been expecting the report to show 2023/24 ending stocks at 2.094 billion for corn and 293 million for soybeans, according to the average of estimates in a Reuters poll. For 2022/23, the average of analysts estimates was 1.366 billion for corn and 212 million for soybeans. (Reporting by Mark Weinraub)
