CHICAGO (B)--FC Stone projected on Sept. 5 the U.S. 2001-02 corn crop at 9.148 billion bushels going into the Sept. 12 U.S. Department of Agriculture crop report.
That compares with USDA's current estimate of 9.266 billion bushels. FC Stone also pegged the U.S. soybean crop at 2.743 billion bushels, down 124 million from USDA's August forecast of 2.867 billion.
Just a month ago, FC Stone projected corn production in the U.S. at 9.329 billion bushels while soybean output was pegged at 2.785 billion.
The firm revised its yield estimates, pegging corn yields at 132.2 bushels per acre, down from USDA's projection of 133.9 and significantly lower than the 2000-01 yield of 137.1.
Soybean yield was estimated at 37.0 bushels per acre, down from 38.7 currently on USDA's books. In 2000, the U.S. soybean crop yielded 38.1 bushels per acre.
The soybean forecast was termed "surprisingly bullish" by some CBT traders.
For corn, the market has assumed a crop at least as small as FC Stone forecast, with many seeing production closer to 9.0 billion bushels.
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