Lanworth sees world wheat production below USDA view
Crop forecaster Lanworth said on Wednesday it estimates world wheat production below the U.S. government's forecasts due to warm and dry weather in key growing areas of the United States and Russia.
Lanworth said it sees 2013/14 world corn production at 965 million tonnes, below the U.S. Agriculture Department's estimate of 965.94 million tonnes. It forecast world soybean production at 286 million tonnes compared to USDA's 285.5 million.
Lanworth raised its forecast for 2013/14 U.S. soybean production to 3.430 billion bushels from 3.425 billion.
For wheat, Lanworth said it expected world production of 694 million tonnes in the 2013/14 crop year, below the USDA forecast of 701.1 million tonnes.
USDA estimates 2013/14 total U.S. wheat production at 55.98 million tonnes, while Lanworth predicts it at 55.0 million, even after boosting its U.S. winter wheat harvest estimate.
Lanworth raised its forecast for U.S. winter wheat production to 1.454 billion bushels from 1.444 billion.
It cut its estimate of the 2013/14 Australian wheat harvest to 24.1 million tonnes from 24.3 million due to dry conditions. It also lowered its 2013/14 Ukraine wheat production outlook to 20.3 million tonnes from 21.9 million.
The forecaster also cut its estimate of 2012/13 Brazil corn production to 78.1 million tonnes from 78.5 million.
Lanworth is a brand of Thomson Reuters Commodities Research and Forecasts. A Lanworth spokesman said the reported estimates are the midpoints of confidence ranges.