Lanworth raises U.S. corn forecast, cuts soybean outlook

Wed Apr 10, 2013 8:29am EDT
 
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CHICAGO, April 10 (Reuters) - Lanworth has slightly raised its 2013/14 U.S. corn production outlook as the U.S. Agriculture Department's latest prospective plantings report indicates corn acreage will be bigger than the crop forecaster initially expected.

Lanworth also said on Wednesday that it had lowered its U.S. soybean production outlook and trimmed its wheat harvest forecast.

It estimated the U.S. corn harvest at 13.720 billion bushels, up a touch from its prediction two weeks ago of 13.640 billion.

Lanworth lowered its U.S. soybean production view to 3.380 billion bushels from 3.455 billion and its wheat production estimate to 2.020 billion bushels from 2.023 billion.

The forecaster cited farmer plans for a higher ratio of corn to soybean plantings in Kansas, Nebraska, Minnesota, North Dakota and South Dakota as the reason for the changes.

In South America, Lanworth lowered its expectations for 2012/13 corn production in Argentina to 25.0 million tonnes from 25.5 million and its soybean production view in that country to 49.0 million tonnes from 50.5 million due to drought in northern areas.

Lanworth also cut its estimate of the 2012/13 Brazil corn crop to 76.0 million tonnes from 76.4 million and raised its Brazilian soybean production forecast to 81.7 million tonnes from 81.1 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.

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