November 3, 2010

Informa raises US 2010 soy output estimate

Analytical firm Informa Economics raised its US 2010 soy production forecast slightly to 3.425 billion bushels, reflecting an average yield of 44.6 bushels per acre (bpa).

Informa projected the 2010 US corn crop at 12.592 billion bushels, with an average yield of 155 bpa, trade sources said Tuesday (Nov 2).

Those outlooks compare with Informa's previous forecast for US farmers this year to harvest 12.9 billion bushels of corn, with an average yield of 158.7 bpa; and 3.420 billion bushels of soy, with an average yield of 44.7 bpa.

USDA projected on October 8 US corn production at 12.664 billion bushels and a yield of 155.8 bpa. The agency pegged 2010 soy output at 3.408 billion bushels and yield of 44.4 bpa.

The government will update its US corn and soy outlooks on Nov. 9.

On the world front, Informa raised its estimate of Australia's 2010 wheat production to 25.2 million tonnes, up 1.2 million from its previous forecast, citing rising yield potential in New South Wales and Victoria.

The firm also raised its estimate of Argentina's 2010 wheat harvest to 13 million tonnes, up 1.8 million from last month, due to above-normal rains in September and October.

USDA last month projected Australia's 2010/11 wheat crop at 23 million tonnes and Argentina's at 12 million.

Informa pegged Brazil's 2010 soy crop at 69.3 million tonnes, up 300,000 tonnes from last month, citing an increase in expected plantings.

The firm projected Argentina's soy crop at 52.8 million tonnes, up 800,000 tonnes from last month due to an increase in expected plantings.