Brazil expected to surpass the United States in soybean production in 2013/14
Brazil is forecast to surpass the United States as the world?s largest soybean producer for the first time in 2013/14 (September/August), the result of dry U.S. weather and prospects for continued price-driven expansion in Brazilian plantings. For 2013/14, U.S. soybean yields are now forecast at 41.2 bushels/acre, down from the previous forecast of 42.6 bushels but still above the 2012/13 drought-damaged yield of 39.6 bushels. Dry weather in the U.S. Midwest during August led USDA to cut soybean yield forecasts for 13 States, with the largest reductions in Missouri, Iowa, North Dakota, and Minnesota. The dimmer outlook for U.S. production has increased global soybean prices, making soybeans even more price-competitive with other crop alternatives.