Lanworth cuts estimates for 2013/14 US corn, soy crops

Wed Sep 4, 2013 8:30am EDT
 
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CHICAGO, Sept 4 (Reuters) - Crop forecaster Lanworth on Wednesday lowered its estimates for the upcoming U.S. corn and soybean harvests due to dry conditions and high temperatures across major production areas in the Midwest.

Lanworth also boosted its estimate for global wheat production, saying that improved outlooks for the crops in Russia, Canada, Kazakhstan and Argentina would make up for decreased harvest expectations in Australia.

In the United States, Lanworth said it expects corn production of 13.330 billion bushels, based on an average yield of 151.6 bushels per acre. Its previous estimates were for a 13.406 billion bushel crop, based on an average yield of 152.4 bushels per acre.

The U.S. soybean harvest was seen at 3.114 billion bushels, based on an average yield of 40.4 bushels per acre. A week ago, Lanworth estimated the U.S. soybean crop at 3.140 billion bushels, based on an average yield of 40.8 bushels per acre.

"In Iowa, the shift from historically wet conditions during planting and establishment (April-June) to historically dry conditions during yield formation (July-September) is without precedent," Lanworth said in a report.

Lanworth raised its global wheat production view by 3 million tonnes to 701.84 million tonnes.

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: