Brazil and Argentina will produce about 3 billion bushels of soybeans in 2003, according to USDA's revised forecast.

Brazilian plantings are expected to increase 10%, boosting soybean production to 1.8 billion bushels. Argentina is expected to increase 8%, upping its production to 1.2 billion bushels.

World ending stocks were revised to 1.09 billion bushels, up 130 million bushels from the previous forecast.