September 12, 2013
World's corn production forecast up by two million tonnes
Due to improved expectations for harvests in the US and Ukraine, crop forecaster Lanworth raised its forecast for world corn production.
Buoyed by moderately wet and unexpectedly cool conditions in late August, Lanworth increased its outlook for the 2013-14 Ukraine corn crop by 3% to 26.4 million tonnes. It edged its US corn harvest forecast up to 13.396 million bushels, based on a yield of 152.2 bushels per acre, from 13.330 million.
The changes brought Lanworth's world cornproduction forecast to 942 million tonnes, two million tonnes above its previous estimate.
Lanworth slashed its 2013-14 US soy production forecast to 3.113 million bushels from 3.114 million.
The forecaster left its world wheat production and world soy production estimates unchanged at 702 million tonnes and 278 million tonnes, respectively.
Lanworth is part of Thomson Reuters Commodities Research and Forecasts. A Lanworth spokesman said the reported estimates are the midpoints of confidence ranges.