WASHINGTON (Commodity Online): The maize crop output of Europe is deemed to be excellent, thanks to the timely rains.
"The EU maize crop is looking overall in super shape and the outlook is for plentiful supplies in the coming months," one German trader said to Reuters. "This is likely to protect Europe from tighter global corn supplies feared because of the smaller than expected U.S. crop."
It has to be noted that rains in Europe had adversely affected the wheat crops there, according to Reuters.
In the meantime, divergent forecast on US corn production by two private firms there has puzzled the investor community.
While ‘The Memphis’, a Tennessee-based company has pegged production at 12.711 billion bushels, Lanworth Inc.-- a unit of Thomson Reuters—has forecast production at 12.022 billion bushels.
The Memphis production forecast has been revised from 13.353 billion even as Lanworth Inc. has put an error margin plus or minus 251 million bushels to its forecast.
Meanwhile, rain in the US over the weekend and more showers forecast for the central and eastern Midwest this week may not lift the corn crop output of the US.
Since corn and soybean crops are in their late filling stage of development, the bout of showers now will provide only minor benefit, according to scientists.
The wide division in US forecasts comes just days before the USDA updates its forecast on Monday Sept. 12.
