U.S. corn stockpiles are poised to be the smallest in 16 years by August and soybean reserves will be lower than the government expected, potentially accelerating food-price inflation in an election year.

The U.S. Department of Agriculture may say tomorrow that corn inventories on Aug. 31 will be 37 percent lower than a year earlier at 715 million bushels (18.2 million metric tons), the average of 32 analyst forecasts compiled by Bloomberg show. That compares with a projection of 801 million bushels last month. Soybean stockpiles will be 242 million bushels, down from a March prediction of 275 million, the survey showed.