CHICAGO, Aug 12 (Reuters) – U.S. corn and soybean production will be smaller than previously thought as dry soils in key western growing areas cut into the potential for a bumper harvest, the government said on Thursday.
Corn production was likely to reach 14.750 billion bushels, based on an average yield of 174.6 bushels per acre, the U.S. Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report. Soybean harvest was pegged at 4.339 billion bushels on an average yield of 50.0.
Analysts had been expecting the report to show corn production of 15.004 billion bushels and soybean production of 4.375 billion bushels. Yields had been estimated at 177.6 for corn and 50.4 for soybeans.
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A month ago, USDA’s report forecast corn production of 15.165 billion bushels on an average yield of 179.5. The July report also predicted a soybean harvest of 4.405 billion bushels and an average yield of 50.8.
