Oil Report

U.S. government lowers corn, soy harvest outlook

CHICAGO, Sept 11 (Reuters) - U.S. corn and soybean production will be smaller than previously expected after dry weather throughout August and a severe wind storm that damaged crops across the key production state of Iowa, the U.S. Agriculture Department said on Friday.

In its monthly World Agricultural Supply and Demand Estimates report, USDA pegged the U.S. corn harvest at 14.900 billion bushels, based on an average yield of 178.5 bushels per acre. The soybean harvest was seen at 4.313 billion bushels, based on an average yield of 51.9 bushels per acre.

That compares with the government’s August forecast of a corn harvest of 15.278 billion bushels on a yield of 181.8 bushels per acre and a soybean harvest of 4.425 billion bushels on a yield of 53.3 bushels per acre. (Reporting by Mark Weinraub Editing by Chizu Nomiyama)