CHICAGO, Sept 11 (Reuters) - Crop forecaster Lanworth on Wednesday raised its forecast for world corn production due to improved expectations for harvests in the United States and Ukraine.
Lanworth boosted its outlook for the 2013/14 Ukraine corn crop by 3 percent to 26.4 million tonnes due to “moderately wet and unexpectedly cool conditions in late August”. It edged its U.S. corn harvest forecast up to 13.396 million bushels, based on a yield of 152.2 bushels per acre, from 13.330 million.
The changes brought Lanworth’s world corn production forecast to 942 million tonnes, 2 million tonnes above its previous estimate.
Lanworth also trimmed its 2013/14 U.S. soybean production forecast to 3.113 million bushels from 3.114 million.
The forecaster left its world wheat production and world soy production estimates unchanged at 702 million tonnes and 278 million tonnes, respectively.
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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