Brazil’s government food agency has increased its estimate for the country’s 2013/14 soybean harvest from between 87.9 million tons – 90.02 million tons to 90.03 million tons. If realized, Brazil’s crop would break last year’s record crop of 81.5 million tons by 10.5% and would make Brazil the world’s top soybean producer for 2013/14. The area planted in soy in Brazil increased by 6.2% at the point that soy planting in the country is 95% complete, as farmers switch from corn to soybeans. Previously reported issues with the caterpillar helicoverpa armigera have caused farmers to use pesticides more aggressively raising cost of production, but have not yet affected output. Brazil’s soybean exports are estimated to be 45.9 million tons, surpassing domestic consumption of 40.5 million tons. Brazil’s wheat crops is forecasted to be 5.36 million tons and if realized would indicate an increase in output of 22.4% from the previous year. Conab also predicted a corn crop of 78.8 million tons keeping with previous estimates. Brazil’s corn crop increasingly comes from the country’s second annual corn crop which Conab says may decrease significantly for 2013/14 as farmers are instead considering a second soybean crop.
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