Brazil's 2013-2014 soybean crop is forecast to surpass the previous season's record by as much as 10 percent and make Brazil the world's top producer as farmers expand into new fields, according to the government crop supply agency Conab. Brazil will likely produce between 87.6 million metric tons and 89.7 million metric tons of the oilseed, said Conab, on the high end of most private estimates and well above the 2012-2013 season's record 81.5 million metric tons.

According to Reuters, planting is only about 3 percent complete, after less-than-average rain in many areas in September, and the climate will need to cooperate for the crop to reach its full potential. Soy area in Brazil will likely reach a record of between 28,663 and 29,356 hectares, said Conab, "consolidating a tendency to increase in all the producing regions."

For the second year, Brazil's soy exports, estimated at 45.9 million metric tons, will likely surpass domestic consumption of 40.7 million metric tons, helping replenish global stocks.