Lanworth raises 2013/14 U.S. wheat crop view by 6 percent

Wed Mar 6, 2013 8:29am EST
 
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CHICAGO, March 6 (Reuters) - Crop forecaster Lanworth has raised its forecast for U.S. wheat production by 6 percent due to increased precipitation in the southern and central U.S. Plains.

Lanworth said in a report it expects the 2013/14 U.S. wheat harvest to be 2.026 billion bushels, up from its outlook for 1.910 billion bushels issued two weeks ago.

U.S. corn and soybean production forecasts for the 2013/14 crop year were left unchanged at 13.7 billion bushels and 3.465 billion bushels, respectively.

The forecaster also lowered its estimates of soy production in Brazil and Argentina due to declines in crop vegetation density in those countries.

For Brazil, Lanworth said it expects soybean production of 80.8 million tonnes, down from its earlier forecast of 81.0 million. Lanworth also trimmed its Argentine soy production forecast, to 49.4 million tonnes from 49.6 million.

It raised its estimate of Brazil corn production to 76.9 million tonnes from 75.8 million tonnes but trimmed its Argentine corn production estimate to 24.9 million tonnes from 25.0 million.

Lanworth reduced its Russian wheat production forecast to 49.8 million tonnes from 49.9 million and boosted its outlook for Ukraine's wheat harvest to 23.3 million tonnes from 23.0 million.

Lanworth is a brand of Thomson Reuters Commodities Research and Forecasts. A Lanworth spokesman said the reported estimates are the midpoints of confidence ranges and are best understood in the context of Lanworth's full report.

The report is available to Thomson Reuters Eikon Commodities subscribers at: