Corn and soybean production in the U.S., the world’s largest grower and exporter last year, will exceed a government forecast, according to estimates by INTL FCStone Inc. (INTL:US)
Corn output will be 10.824 billion bushels, up from 10.727 billion forecast last month by the U.S. Department of Agriculture, FCStone said today in an e-mail report from its West Des Moines, Iowa, office. A month ago, the commodity researcher and brokerage company said production would fall to 10.607 billion, compared with 12.358 billion a year ago.
The soybean harvest will be 2.849 billion bushels, compared with 2.739 billion estimated in September, FCStone said. Last month, the USDA projected 2.634 billion, down from 3.094 billion a year earlier.
The USDA will update its forecasts on Oct. 11. Corn is the biggest U.S. crop, valued at $76.5 billion in 2011, followed by soybeans at $35.8 billion, government figures show.
Corn futures on the Chicago Board of Trade rose to a record $8.49 a bushel on Aug. 10, and soybeans surged to an all-time high of $17.89 a bushel on Sept. 4.
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