The production and exports of soybeans in Brazil is pointing toward record numbers for 2011 due to healthy amounts of rain strengthening the development of the plants, Bloomberg reports, citing information gleaned from Oil World.
The South American nation's soybean production could reach as high as 71 million metric tons, an increase from last year's record of 68.7 million tons. Exports of the commodity might increase 13 percent to 33 million tons, which also would mark an all-time high.
"The Brazilian soybean crop is in excellent shape almost everywhere and initial harvesting resulted in very high yields," according to Oil World.
One region, Mato Grosso do Sul, was seeing 44 percent of soybeans in the pod-filling stage, marking an increase from 37 percent during the same period last year. Soybean growers are set to harvest 24.1 million hectares, an increase from 23.5 million last year.
The crop has especially benefited from average and above-average rainfall during the past six weeks.
"Crop development has been very good in the past few weeks almost everywhere," according to Oil World.
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