CHICAGO, Sept 25 (Reuters) - Crop forecaster Lanworth raised its outlook for 2013/14 world corn and soybean production on Wednesday on expectations for big plantings of both crops in South America.
Lanworth sees the global soybean harvest at 284 million tonnes, up 3 million tonnes from its forecast last week. It boosted its world corn production forecast by 7 million tonnes to 949 million tonnes.
“World corn production will easily exceed the 2011/12 record. World ending stocks could be among the highest since 2001/02,” the forecaster said in a report.
It left its outlook for world wheat production unchanged at 704 million tonnes.
Lanworth sees Argentine corn production at 28.2 million tonnes and Brazil corn production at 75.9 million tonnes for the 2013/14 crop year. For soybeans, it pegged Argentine production at 56.9 million tonnes and Brazil production at 88.3 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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