A forecast by the Department of Agriculture shows an increase in production could drive Brazil to pass the U.S. in soybean exports.
Brazil is already the leading global producers of soybeans, and the second-largest exporter of the crop. USDA says Brazil’s soybean output is currently forecasted to exceed that of the United States by the 2018/19 marketing year.
The milestone would represent a 22 percent increase in production over the last three years for Brazil. Almost all the increased production has made its way to the export market, according to USDA, which has risen 34 percent over the same time.
In addition to significant growth in sales to China, Iran and Russia, domestic conditions in 2018 have also driven up exports. In May, Brazil’s soybean shipments reached a record high, despite a trucker strike in the nation and stalled deliveries to ports.