A USDA report last month stated that Brazil will likely pass the U.S. as the world's number one producer of soybeans.
Jon Driedger is vice-president of LeftField Commodity Research.
"These areas of the world are increasing in production and it's just kind of further confirmation that as the U.S. and Canada, our relative importance shrinks a little bit as other countries in the world increase production and increase their footprint in global export markets," he said. "I think conditions in South America are for the most part fairly good. We're anticipating a large crop again, not a shock to the markets, just sort of a general confirmation again of a trend that has been taking place over a period of time."
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