Lanworth boosts U.S. corn harvest outlook to 14 bln bushels 7/31/13

Lanworth boosts U.S. corn harvest outlook to 14 bln bushels<TRI.TO>

31-Jul-2013 07:30


CHICAGO, July 31 (Reuters) – Crop forecaster Lanworth on

Wednesday raised its outlook for U.S. corn production by 2

percent as cool temperatures across key growing regions boosted

the potential for strong yields.

Lanworth said it expected the 2013/14 U.S. corn crop to be

14 billion bushels, based on an average yield of 158.5 bushels

per acre. It had previously forecast U.S. corn production of

13.65 billion bushels.

Lanworth’s new estimate for world corn production was 965

million tonnes, up 9 million from the outlook it issued two

weeks ago.

The forecaster trimmed its estimate of U.S. soybean

production to 3.310 billion bushels from 3.315 billion, warning

that the outlook was dependent on rainfall and temperatures

during August. Late planting and dry weather in the past month

have raised concerns about the crop in states such as Illinois,

Iowa, Kansas, Nebraska, Minnesota and North Dakota.

U.S. soybean yields were pegged at 42.9 bushels per acre.

Lanworth lowered its forecast for Russian wheat production

to 48.4 million tonnes from 50.0 million tonnes due to concerns

that a shift to warm and dry conditions could limit production

of spring wheat in the Volga District.

Estimates for world wheat production and world soybean

production for the 2013/14 crop year were left unchanged at 694

million tonnes and 283 million tonnes respectively.

Lanworth is a brand of Thomson Reuters Commodities Research

and Forecasts. A Lanworth spokesman said the reported estimates

are the midpoints of confidence ranges.

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