CHICAGO, Oct 23 (Reuters) – Crop forecaster Lanworth raised its forecast for world corn and soybean production on Wednesday due to bigger-than-expected yield reports from the ongoing harvest in the U.S. Midwest.
Lanworth said it expected world corn production of 955 million tonnes, three million higher than the forecast it issued a week ago. It also cited improved production estimates from China.
“Elevator operators in Illinois, Indiana, Kentucky, and Tennessee indicate yields near or above weather, image, and field based estimates,” Lanworth said in a report.
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For soybeans, Lanworth raised its global forecast by two million tonnes to 288 million tonnes, also noting a boost to expectations for the Argentine crop as a reason for the increased world outlook.
Lanworth also raised its estimate for world wheat production by one million tonnes to 707 million based on a bigger forecast for the Russian crop.
In the United States, Lanworth predicted a corn crop of 13.792 billion bushels, based on an average yield of 156.2 bu. per acre. The U.S. soybean crop was estimated at 3.215 billion bu., based on an average yield of 41.8 bus per acre.
Lanworth is part of Thomson Reuters Commodities Research and Forecasts. A Lanworth spokesman said the reported estimates are the midpoints of confidence ranges.
