Lanworth raises U.S. corn, soybean harvest forecast

Fri Aug 9, 2013 8:29am EDT
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Aug 9 (Reuters) - Crop forecaster Lanworth on Friday slightly raised its outlook for U.S. corn and soybean harvests following a crop tour of key production states.

Lanworth pegged 2013/14 U.S. corn production at 14.060 billion bushels, up from its previous outlook of 14 billion. It boosted its U.S. soybean production view to 3.320 billion bushels from 3.310 billion.

It said that higher corn yields in Illinois, Ohio and Indiana would make up for disappointing yields in Iowa, which is typically the largest corn production state, and in Minnesota.

Average corn yields for the United States were pegged at 159.1 bushels per acre, up from Lanworth's previous forecast of 158.5 bushels per acre.

"While persistent dry conditions will likely hold corn yield below the potential implied by Lanworth's field survey, moderate temperatures will limit the losses," the company said.

The forecaster left its estimate of world corn production unchanged at 965 million tonnes. It also left its world soybean production outlook unchanged at 283 million tonnes but cut its world wheat production view to 692 million tonnes from 694 million tonnes.

Lanworth said that its world corn and soybean estimates depended upon U.S. weather conditions during August.

It also trimmed its estimates of 2013/14 China corn production by 1 percent to 213 million tonnes, citing extreme temperatures in Henan, Liaoning, and minor production provinces in the southwest and central south.

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

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