Crop forecaster Lanworth on Wednesday trimmed its estimate of U.S. corn production due to wet weather that will likely cut planted acreage this spring.
Lanworth said it expected the harvest of the 2013/14 corn crop to be 13.90 billion bushels, down from its previous estimate of 13.93 billion.
"Recent cool and wet weather continues to delay planting and lowers likely corn planted area by 1 percent to 96.2 million acres," the forecaster said in a research note. "The wet weather also raises Lanworth's median corn yield outlook slightly, offsetting the acreage losses."
It raised its forecast for U.S. soybean production to 3.425 billion bushels from its previous outlook of 3.420 billion issued a week ago.
Lanworth also lowered its estimate of 2013/14 Ukraine corn production to 25.9 million tonnes from 26.4 million.
Lanworth is a brand of Thomson Reuters Commodities Research and Forecasts. A Lanworth spokesman said the reported estimates are the midpoints of confidence ranges.