Brazil is expected to harvest more than 90 million tons of soybeans this year, overthrowing the U.S. as the leading soy-producing country, Brazilian President Dilma Rousseff and Ag Minister Antonio Andrade announced during a harvest-opening event Tuesday in Mato Grosso.
Rousseff and Andrade released agricultural and economic information during the event, noting that Brazilian farmers will harvest approximately 196.3 million tons of grain in total this season.
In addition to a big harvest, Brazil's agribusiness GDP expected to grow 4% in 2014 and achieve its highest-ever gross value of production.
"We celebrate today the victory of agribusiness in Mato Grosso, Lucas do Rio Verde, and in Brazil," Rousseff said. "We also celebrate the so-called vertical integration, which has produced, transformed, and created a large hub for agribusiness in our country. We know it has made a large difference for Brazilian agriculture, which makes us proud. These are the increasing gains of productivity, which we cannot abandon."
Related: South America Begins Soybean Harvest
World Agricultural Outlook Chair Gerry Bange on Tuesday suggested that Brazil's projection is in line; Latest USDA crop estimates released Feb. 10 also suggest that Brazil's soybean crop will be larger than the U.S. crop.
"It appears to us that Brazil will, for the 13-14 year, produce 90 million tons (of soybeans)," Bange said, compared to the 89.5 million tons that the U.S. is expected to produce.
"One doesn't have to go back too many years to see when Brazil and Argentina in combination still didn't produce as much as the U.S. Now we have one country alone, i.e., Brazil, out producing the U.S.," Bange told USDA Radio's Rod Bain.
Brazil's GDP gains
Also Tuesday, survey data released by the Strategic Management Advisory Board of the Ministry of Agriculture, Livestock and Food Supply finds that the agribusiness Gross Domestic Product of Brazil is expected to be 4% higher than last year.
If the anticipated results are met, the sector's GDP will have expanded by 34% in ten years, the Brazilian government noted in a press statement.