Goldman cuts US corn yield estimate by 3 bushels/acre due heat

CHICAGO, July 22 (Reuters) - Investment bank Goldman Sachs (GS.N) said Friday it reduced its estimate of 2011 U.S. corn yield by three bushels to 156 bushels per acre due to soaring temperatures in the Midwest grain belt.

The company said it was maintaining its three-month forecast for the corn price at $5.90 per bushel, but said prices would average $7 per bushel over the next six months if the yield remained at 156 bushels.

The December corn futures contract CZ1 at the Chicago Board of Trade unofficially closed 12-1/2 cents higher at $6.85-1/2 on concerns that above-normal temperatures in the Midwest would reduce the crop's yield. (Reporting by K.T. Arasu; Editing by John Picinich)