Lanworth raises Australia wheat production forecast

Wed Oct 30, 2013 8:30am EDT
 
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CHICAGO Oct 30 (Reuters) - Crop forecaster Lanworth on Wednesday raised its outlook for the Australian wheat harvest by 2 percent because of better-than-average soil moisture in Western Australia, Southern Australia and Victoria provinces.

Lanworth said it expects the country's 2013/14 wheat production to reach 25.294 million tonnes, up from its previous estimate of 24.822 million tonnes issued a week ago.

It reaffirmed its global crop production estimates of 955 million tonnes for corn, 288 million tonnes for soybeans and 707 million tonnes for wheat.

For the United States, Lanworth slightly increased its corn production estimate to 13.795 billion bushels, based on an average yield of 156.4 bushels per acre. Its previous forecast was 13.792 billion bushels, based on an average yield of 156.2 bushels per acre.

It left unchanged its U.S. soybean production estimate of 3.215 billion bushels, based on an average yield of 41.8 bushels per acre.

Lanworth is part 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: reuters://screen/verb=Open/URL=amers1.views.cp.thomsonreuters.co m/Explorer/GzCEzAGRxLW.aspx?st=Menu&s=GCE970