CHICAGO (Reuters) — Crop forecaster Lanworth raised its outlook for global corn and soybean production on Wednesday due to better-than-expected yield reports from elevators in key growing areas of the United States.
Lanworth said it expected world corn production of 958 million tonnes for the 2013-14 crop year, up from its previous estimate of 955 million. Increases to its forecast for the Ukraine corn harvest also added to the bigger world outlook.
For soybeans, Lanworth pegged the global crop at 290 million tonnes, up two million tonnes from its estimate of a week ago.
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In the United States, Lanworth said it expected a corn crop of 13.950 billion bushels, based on an average yield of 157.5 bushels per acre. U.S. soybean production was seen at 3.293 billion bushels, based on an average yield of 42.8 bushels per acre.
It raised its outlook for Ukraine corn production by five percent to 27.80 million tonnes.
The forecaster left its estimate of the global wheat harvest unchanged at 707 million tonnes.
Lanworth is part of Thomson Reuters Commodities Research and Forecasts. A Lanworth spokesman said the reported estimates are the midpoints of confidence ranges.
