If reports are accurate, South American soybean production will exceed the U.S. in the 2002-03 crop year for the first time. Production in Brazil and Argentina is projected to climb to 78 million metric tons (2.87 billion bushels) in 2003, up 7% from this year.

Estimated U.S. production is 2.63 billion bushels, down 263 million bushels, or 9%, from last year.