Brazil's Agriculture Ministry released its first soybean and corn forecast for the 2013-14 season Wednesday.
Soybean output was pegged at 87.6 million to 89.7 million metric tons, up from 81.5 mmt last year.
The figure is at the top end of market estimates, which range from 86 mmt to 89 mmt.
Corn production is estimated at 78.4 mmt to 79.6 mmt, which sits in the middle of a market range from 72 mmt to 83 mmt.
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