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332164

U.S. government raises soybean harvest view

CHICAGO, Aug 12 (Reuters) - U.S. soybean production will be bigger than previously forecast as better-than-expected yields will more than make up for a cut to acreage, the government said on Friday.

Corn production was seen lower than the government's July outlook.

The soybean harvest will come in at a record 4.531 billion bushels while the corn harvest was pegged at 14.359 billion bushels, according to the U.S. Agriculture Department's monthly World Agricultural Supply and Demand Estimates report. That compares with the government's July harvest estimates of 14.505 billion bushels for corn and 4.505 billion bushels for soybeans.

Analysts had been expecting the report to show corn production of 14.392 billion bushels and soybean production of 4.481 billion bushels, based on the average of estimates given in a Reuters poll. (Reporting by Mark Weinraub)

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