Lanworth lowers world soy forecast, raises world corn outlook
CHICAGO Nov 20 (Reuters) - Crop forecaster Lanworth on Wednesday lowered its estimate of world soybean production for the 2013/14 crop year and raised its estimate of world corn production by 5 million tonnes.
Lanworth said it expected global soy production of 289 million tonnes, down from its previous estimate of 290 million tonnes. For corn, it pegged the global crop at 963 million tonnes, up from its previous outlook of 958 million. It left its estimate of the global wheat crop unchanged at 707 million tonnes.
In the United States, Lanworth estimated corn production at 13.911 billion bushels and soybean production at 3.264 billion bushels, both down from its forecast issued a week ago.
Lanworth also set its forecast for 2014/15 corn production in China at 220 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.
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