U.S. government raises sights on soybean harvest

CHICAGO, August 12 (Reuters)U.S. soybean production will be higher than expected as better-than-expected yields more than offset a reduction in acreage, the government said Friday.

Maize production was considered lower than the government’s forecast in July.

The soybean crop will hit a record 4.531 billion bushels while the corn crop has been pegged at 14.359 billion bushels, according to the US Department of Agriculture’s monthly Global Agricultural Supply and Demand Report. That compares to government harvest estimates in July of 14.505 billion bushels for corn and 4.505 billion bushels for soybeans.

Analysts had expected the report to show corn production of 14.392 billion bushels and soybean production of 4.481 billion bushels, based on the average of estimates given in a Reuters poll.

(Reporting by Mark Weinraub)

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