Brazil's 2012-13 soybean output could surpass US production of the oilseed for the first time in history due to the drought in the US Midwest growing areas, local analyst Agroconsult said on Friday.
Under normal weather conditions, Brazilian farmers are expected to harvest a record 83.1 million tonnes of soybeans next season, which would be a 25 percent jump from the 66.4 million tonnes harvested from the drought parched crop that ended in May, the analysts said.
Local farmers are expected to plant a record 27.9 million hectares of area in the coming 2012/13 season that starts sowing in September, up from 25 million hectares this past crop.
Brazil will likely shift more of its corn planting to the winter crop to allow for soya planting during the summer. The winter corn crop is expected to surpass the summer crop planting for the first time.
Copyright Reuters, 2012