CHICAGO Feb 6 Crop forecaster Lanworth on
Wednesday issued a record outlook for U.S. corn production of
13.8 billion bushels in the 2013/14 crop year, with average
yields rising to 155.6 bushels per acre.
"Despite the yield risks posed by warm temperatures,
continued planting of near-record corn area will substantially
increase potential U.S. corn production and ending stocks from
the historical lows of 2012/13 unless dry conditions again
combine with warm weather," Lanworth said in a report.
Lanworth also cut its forecast of U.S. wheat production to
1.932 billion bushels from 1.941 billion.
In South America, Lanworth said dry conditions in early
February caused it to reduce its expectations for the corn and
soybean crops in that region.
The company cut its forecast for Argentine soybean
production to 51.6 million tonnes from 53.1 million. It lowered
its Argentine corn production estimate to 25.1 million tonnes
from 25.6 million.
Lanworth reduced its forecast for Brazil corn production to
75.6 million tonnes from 75.8 million and its estimate of Brazil
soybean production to 80.3 million tonnes from 80.9 million.
The forecaster's estimates of wheat harvest in Russia and
Ukraine were left unchanged, at 49.9 million tonnes and 23.0
million tonnes, respectively.
Lanworth is a brand of Thomson Reuters Commodities Research
and Forecasts. A Lanworth spokesman said the reported estimates
are the midpoints of confidence ranges and are best understood
in the context of Lanworth's full report.
The report is available to Thomson Reuters Eikon Commodities