FCStone trims corn, soybean outlook
U.S. farmers will harvest 12.457 billion bushels of corn and 3.109 billion bushels of soybeans in 2011, according to projections made by commodity brokerage firm INTL FCStone.
INTL FCStone released its Nov. 1 U.S. production estimates late Tuesday, decreasing its outlook for the U.S. corn and soy production from its previous estimate. The projections were made using an average corn yield of 148.4 bushels per acre and an average soybean yield of 42.2 bushels an acre.
The production and yield estimates were down from October estimates of corn production at 12.553 billion, using a yield of 148.7 bushels an acre, and soy output at 3.157 billion, using a yield of 42.8 bushels an acre.
Traders are waiting for the U.S. Department of Agriculture to update its output forecasts Nov. 9 to see whether the government will confirm lower yield and production prospects.
In October, USDA put the U.S. corn crop at 12.433 billion bushels using a 148.1 bushel an acre yield and soybean output at 3.06 billion using a 41.5 bushel an acre yield.
The USDA is scheduled to release updated figures Nov. 9 at 8:30 a.m. EST (1330 GMT).
Last year, corn output measured 12.447 billion bushels and soybean production came in at 3.329 billion.
-By Andrew Johnson Jr., Dow Jones Newswires;312-347-4604;Andrew.email@example.com
(END) Dow Jones Newswires
November 01, 2011 16:26 ET (20:26 GMT)
DJ INTL FCStone Pegs 2011 US Corn Crop At 12.457B Bushels; Soy 3.109B Bushels->copyright