Lanworth boosts U.S. corn, soy production outlook

Wed Jul 3, 2013 8:29am EDT
 
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CHICAGO, July 3 (Reuters) - Crop forecaster Lanworth on Wednesday raised its outlook for the 2013/14 U.S. corn and soybean harvests due to increased probability for normal to cool summer temperatures.

Corn production in the United States was seen at 13.9 billion bushels, up from Lanworth's previous estimate of 13.7 billion. The new corn outlook is based on an expected average yield of 158.9 bushels per acre.

It boosted its forecast for U.S. soybean harvest to 3.36 billion bushels from 3.34 billion.

Lanworth also pegged world 2013/14 corn production at 961 million tonnes, 2013/14 world soybean production at 284 million tonnes and 2013/14 world wheat production at 692 million tonnes.

It cut its outlook for the 2013/14 Russian wheat crop by 2 percent to 51.1 million tonnes due to warm weather.

In Ukraine, Lanworth said it lowered its 2013/14 wheat production view by 5 percent to 18.7 million tonnes and its corn production view by 6 percent to 24.2 million tonnes, also due to warm weather.

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: