September 26, 2013

Driven by expectations for big plantings of both crops in South America, crop forecaster, Lanworth, had raised its outlook for world corn and soy production in the 2013-14 period.

Lanworth expects  a global soy harvest of 284 million tonnes, up three million tonnes from its forecast last week, while forecast for world corn production was boosted by seven million tonnes to 949 million tonnes.

The forecaster said in a report that world corn production will easily exceed the 2011-12 record.

International wheat production was left unchanged at 704 million tonnes.

Lanworth expects Argentina's corn production to be 28.2 million tonnes while Brazil's corn production will see 75.9 million tonnes for the 2013-14 crop year. For soy, it pegged Argentine production at 56.9 million tonnes and Brazilian production at 88.3 million tonnes.