US raises '09 soy output forecast

US Department of Agriculture (USDA) in its October Crop Production report on Friday (Oct 9) forecast 2009 US soy production at 3.25 billion bushels, up slightly from 3.24 billion bushels forecast in September, up 10 percent from 2.96 billion bushels in 2008 and the largest on record.

Corn production in 2009 was forecast at slightly more than 13 billion bushels, up slightly from 12.96 billion bushels forecast in September, up 8 percent from 12.1 billion bushels last year and the second largest ever behind the 2007 crop.

USDA soy forecast was slightly below the average of pre-report trade estimates while the corn forecast was slightly above the average estimate.

The average soy yield based on October 1 conditions was forecast at 42.4 bushels an acre, up 0.1 bushels from September, up 2.7 bushels from last year and the third highest on record if realised, the USDA said. Area for harvest was forecast at 76.6 million acres, down slightly from September but up 3 percent from 2008.

Corn yield was forecast to average 164.2 bushels an acre, up 2.3 bushels from last month, up 10.3 bushels from last year and the highest on record if realised, the USDA said. Harvest area was forecast at 79.3 million acres, down 1 percent from September but up 1 percent from 2008.