The United Nations' Food and Agriculture Organization (FAO) has cut its forecast of the U.S. corn harvest by 25 million metric tons, reports the website Agrimoney.com. The cut puts the FAO's estimate at 350 million metric tons (13.8 billion bu.), which is well below USDA's estimate of 375.5 million metric tons (14.8 billion bu.) issued in May. The 350 million ton estimate from the FAO coincides with the estimate issued by the International Grains Council last week.
According to the report, the FAO said: "Adverse weather is diminishing prospects of an improvement in the corn supply situation," Agrimoney.com quotes FAO as saying, adding that it was "monitoring the development closely." The report went on to say many market watchers were also lowering their harvest estimates and then said: "An informal poll of US growers by Agweb showed just 1% believing the yield will hit a range of 160-169 bushels per acre, with 40% foreseeing a figure of 140-149 bushels per acre, and 46% a result of 139 bushels per acre or less."
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