Crop Production – Futures News (9/10/2010)

CHICAGO, Sept 10 (Reuters) – The U.S. Agriculture
Department on Friday reduced its yield forecast for U.S. corn
this year to 162.5 bushels per acre from its August estimate of
165.0 bushels after hot, dry weather last month hurt the crop.
Traders and analysts polled by Reuters had expected the
department to peg the average corn yield at 162.9 bushels.
USDA, in its September supply-demand report, reduced its
forecast of U.S. corn production this year to 13.160 billion
bushels, down from its August estimate of 13.365 billion. The
Reuters poll had pegged production at 13.2 billion bushels.
USDA also raised its estimate of the average U.S. soybean
yield to 44.7 bushels per acre, from 44.0 in August. The figure
was above a range of analyst estimates for 43.0 to 44.2
bu/acre.
The agency raised its 2010 U.S. soybean production forecast
to 3.483 billion bushels from 3.433 billion last month.
The department reduced its estimate of world wheat
production to 643.01 million tonnes from its August estimate of
645.73 million tonnes amid a severe drought in Russia, the
world’s No. 3 wheat exporter last year.
The Reuters Poll of traders and analysts pegged world wheat
production at 641.44 million tonnes.