Conab, the official crop agency of Brazil, has forecast a soybean crop of 133.7 million metric tons for the 2020-2021 season, approximately four percent higher than for the 2019-2020 crop. The October 9th WASDE estimates the U.S. soybean crop at 116 million metric tons, lower than Brazil.
The U.S. dominates in corn production with an estimated 2020 crop of 373 million metric tons compared to 105 million metric tons to be produced in Brazil during the 2020-2021 season.