Lanworth raises world corn, soy outlooks on big U.S. crops

Reuters

CHICAGO, Nov 6 (Reuters) - Crop forecaster Lanworth raisedits outlook for global corn and soybean production on Wednesdaydue to better-than-expected yield reports from elevators in keygrowing areas of the United States.

Lanworth said it expected world corn production of 958million tonnes for the 2013/14 crop year, up from its previousestimate of 955 million. Increases to its forecast for theUkraine corn harvest also added to the bigger world outlook.

For soybeans, Lanworth pegged the global crop at 290 milliontonnes, up 2 million tonnes from its estimate of a week ago.

In the United States, Lanworth said it expected a corn cropof 13.950 billion bushels, based on an average yield of 157.5bushels per acre. U.S. soybean production was seen at 3.293billion bushels, based on an average yield of 42.8 bushels peracre.

It raised its outlook for Ukraine corn production by 5percent to 27.80 million tonnes.

The forecaster left its estimate of the global wheat harvestunchanged at 707 million tonnes.

Lanworth is part of Thomson Reuters Commodities Research andForecasts. A Lanworth spokesman said the reported estimates arethe midpoints of confidence ranges.

The full report is available to Thomson Reuters EikonCommodities subscribers at:

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