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.
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.