Palm | Kelapa Sawit

CHICAGO, Nov 1 (Reuters) - Commodity brokerage INTL FCStone INTL.O on Thursday said it raised its forecast for U.S. 2012 corn production to 10.881 billion bushels, above its previous estimate of 10.824 billion.

The firm raised its estimate of the corn yield slightly to 124.0 bushels per acre, up from 123.9 in its previous monthly report.

For soybeans, INTL FCStone pegged U.S. 2012 soybean production at 2.959 billion bushels, up from 2.849 billion last month. The firm estimated the soybean yield at 39.1 bushels per acre, up from 38.2 previously.

The figures were based on a survey of the firm's customers, among other factors. The firm used the U.S. Department of Agriculture's estimates of harvested acres as part of its calculations.

The USDA's latest outlook projected U.S. 2012 corn production at 10.706 billion bushels, based on an average yield of 122.0 bushels per acre. USDA estimated the U.S. soybean crop at 2.860 billion bushels, with an average yield of 37.8 bushels per acre.

The USDA was scheduled to issue updated crop estimates on Nov. 9.