CHICAGO, Nov. 13 (Reuters) - Crop forecaster Lanworth on Wednesday slightly raised its forecast for the 2013/14 U.S. corn crop and trimmed its outlook for U.S. soybean production.
Lanworth said it expected a U.S. corn crop of 13.944 billion bushels, compared to its outlook of 13.938 billion bushels issued a week ago. It tied its new outlook to the U.S. Agriculture Department’s assessment of yields in Illinois, Iowa and Missouri, which were bigger than the forecaster was expecting.
For the U.S. soybean crop, Lanworth lowered its outlook to 3.287 billion bushels from 3.293 billion due to the USDA’s 900,000 acre cut to soybean plantings in “minor production states.”
Lanworth set its outlook for wheat production in China in the 2014/15 crop year at 124 million tonnes, up 2 percent from a year earlier. It said it expected 2014/15 wheat production in the European Union to be 146 million tonnes, also 2 percent higher from 2013/14.
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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