CHICAGO, Aug 12 (Reuters) – U.S. corn and soybean manufacturing shall be smaller than beforehand thought as dry soils in key western rising areas minimize into the potential for a bumper harvest, the federal government stated on Thursday.
Corn manufacturing was prone to attain 14.750 billion bushels, primarily based on a mean yield of 174.6 bushels per acre, the U.S. Agriculture Division stated in its month-to-month World Agricultural Provide and Demand Estimates report. Soybean harvest was pegged at 4.339 billion bushels on a mean yield of 50.0.
Analysts had been anticipating the report to point out corn manufacturing of 15.004 billion bushels and soybean manufacturing of 4.375 billion bushels. Yields had been estimated at 177.6 for corn and 50.Four for soybeans.
A month in the past, USDA’s report forecast corn manufacturing of 15.165 billion bushels on a mean yield of 179.5. The July report additionally predicted a soybean harvest of 4.405 billion bushels and a mean yield of 50.8.
(Reporting by Mark Weinraub)
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