Brazil's New Soybean Crop May Set Record

Weather will play a major role in possible record harvest.

According to Carlos Lovatelli, president of the Brazilian Vegetable Oils Industry Association, Brazil's 2007-08 soybean harvest could reach nearly 64 million tons, shattering the record set last year when 59.5 million tons were harvested.

Lovatelli says the lower number of acres in the U.S. which were a result of the high demand for corn spurred the production in Brazil. He says this should be a very positive year for the sector barring any weather problems.

Brazil's government linked National Commodities Corporation has this year's soybean harvest pegged between 59.1 and 61.9 million tons, while independent analysts estimate a new crop of 62.3 million tons.

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