CHICAGO, Oct 1 (Reuters) - Commodity brokerage INTL FCStone on Wednesday said it raised its forecast of U.S. 2014 corn production to 14.958 billion bushels, from 14.595 billion in its previous monthly report.
The firm raised its corn yield estimate to 178.4 bushels per acre, from 174.1 last month.
INTL FCStone raised its forecast of U.S. 2014 soybean production to 4.066 billion bushels, from its September forecast of 4.0 billion bushels. The firm forecast the average soybean yield at 48.4 bushels per acre, up from its September estimate of 47.6 bushels per acre.
The estimates are based on a survey of the company’s customers, among other factors. FCStone said it relied on the U.S. Department of Agriculture’s current estimates of harvested acres.
The figures compare with the USDA’s current U.S. corn production forecast of 14.395 billion bushels, with an average yield of 171.7 bushels per acre. USDA has forecast soybean production at 3.913 billion bushels, with an average yield of 46.6 bushels per acre.
USDA is scheduled to release updated crop forecasts on Oct. 10. (Reporting by Julie Ingwersen; Editing by Chris Reese)