Lanworth cuts world corn, soy harvest view due to hot, dry US weather

Wed Jul 17, 2013 8:29am EDT
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CHICAGO, July 17 (Reuters) - Crop forecaster Lanworth on Wednesday lowered its world corn and soybean production outlook for the 2013/14 crop year due to "unexpectedly warm and dry weather" in key growing areas of the United States during the past two weeks.

Lanworth said it expects world corn production to be 956 million tonnes, down from its previous outlook of 961 million tonnes. Soybean harvest was seen at 283 million tonnes, 1 million tonnes lower than its earlier forecast.

The forecaster raised its estimate of global wheat production to 694 million tonnes from 692 million tonnes.

In the United States, corn production was seen at 13.650 billion bushels, down from its prior view of 13.900 billion, and soybean harvest was pegged at 3.315 billion bushels, below the forecaster's previous estimate of 3.360 billion.

Lanworth also raised its outlook for Canadian wheat production by 7 percent to 29.8 million tonnes due to favorable weather. It lowered its outlook for China's corn crop to 216 million tonnes from 217 million due to heavy rain.

Lanworth is a brand of Thomson Reuters Commodities Research and Forecasts. A Lanworth spokesman said the reported estimates are the midpoints of confidence ranges.

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