Lanworth boosts U.S. corn harvest outlook to 14 bln bushels

Wed Jul 31, 2013 8:29am EDT
 
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CHICAGO, July 31 (Reuters) - Crop forecaster Lanworth on Wednesday raised its outlook for U.S. corn production by 2 percent as cool temperatures across key growing regions boosted the potential for strong yields.

Lanworth said it expected the 2013/14 U.S. corn crop to be 14 billion bushels, based on an average yield of 158.5 bushels per acre. It had previously forecast U.S. corn production of 13.65 billion bushels.

Lanworth's new estimate for world corn production was 965 million tonnes, up 9 million from the outlook it issued two weeks ago.

The forecaster trimmed its estimate of U.S. soybean production to 3.310 billion bushels from 3.315 billion, warning that the outlook was dependent on rainfall and temperatures during August. Late planting and dry weather in the past month have raised concerns about the crop in states such as Illinois, Iowa, Kansas, Nebraska, Minnesota and North Dakota.

U.S. soybean yields were pegged at 42.9 bushels per acre.

Lanworth lowered its forecast for Russian wheat production to 48.4 million tonnes from 50.0 million tonnes due to concerns that a shift to warm and dry conditions could limit production of spring wheat in the Volga District.

Estimates for world wheat production and world soybean production for the 2013/14 crop year were left unchanged at 694 million tonnes and 283 million tonnes respectively.

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: