11-12-2013 10:35 AM | Brazil

Brazil sees record soy crop, raises wheat outlook

Brazil's government crop supply agency forecast record soybean output of 90.03 million tonnes on Tuesday, near the top of its previous forecast of 87.9 million to 90.2 million tonnes, as farmers finish planting new fields.

If confirmed, the crop would surpass last season's record 81.5 million tonnes by 10.5 percent, and the South American country could overtake the United States as the world's top producer of the oilseed for the 2013/14 crop year.

Area planted with soy expanded by 6.2 percent from a year earlier as farmers chose the crop over alternatives such as corn, the agency, Conab, said in its third monthly estimate of the season.
Full Story : Reuters