CHICAGO: Informa Economics raised its US 2017 corn production forecast to 14.166 billion bushels from 14.077 billion after incorporating revised acreage estimates that the US Department of Agriculture released last week, the private analytics firm said in a client note on Thursday.
Informa also lowered its corn yield estimate to 169.7 bushels per acre from its mid-June figure of 170.0 bpa. The firm used the USDA's estimate of 83.496 million harvested acres.
For soybeans, Informa put US 2017 production at 4.253 billion bushels, near its mid-June forecast of 4.255 billion. It trimmed its soy yield estimate to 47.9 bpa from 48.0 bpa and took the USDA's figure of 88.731 million harvested acres.
Informa estimated US all-wheat production at 1.783 billion bushels. The total consists of 1.281 billion bushels of winter wheat, 434 million bushels of spring wheat other than durum, and 67 million bushels of durum wheat.
The USDA is scheduled to release updated crop estimates on Wednesday. On June 9, it put all-wheat production at 1.824 billion bushels and winter wheat production at 1.250 billion bushels.
The USDA forecast the 2017 US corn crop at 14.065 billion bushels with an average yield of 170.7 bpa, and US soybean production at 4.255 billion bushels with an average yield of 48.0 bpa.
On the world front, Informa on Thursday lowered its forecast of European Union wheat production for the 2017/18 marketing year to 148 million tonnes from 150 million in June, citing below-normal rains.
Informa also raised its estimate of Brazil's 2016/17 corn harvest to 97 million tonnes from 96 million last month.
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