CHICAGO, Nov 1 (Reuters) – Commodity brokerage INTL FCStone said on Tuesday it raised its estimate of the average U.S. 2016 soybean yield to a record 52.8 bushels per acre (bpa), from 52.5 in its previous monthly report.
The firm raised its soybean production estimate to 4.386 billion bu. from 4.357 billion last month.
INTL FCStone raised its forecast of the U.S. 2016 corn yield to 175.3 bpa, from its October figure of 175.2. The firm forecast U.S. corn production at 15.226 billion bu., up from 15.163 billion last month.
The estimates, based on customer surveys and other factors, are what the company predicts will be final production, not what it expects the U.S. Department of Agriculture to say in a monthly supply and demand report due on Nov. 9.
The USDA in October projected the U.S. corn crop at 15.057 billion bu., with a yield of 173.4 bpa, and the soybean harvest at 4.269 billion bushels and a yield of 51.4 bpa.
INTL FCStone raises U.S. 2016 soy and corn yield estimates
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