The Brazilian state-owned National Supply Company, or Conab, forecasts that the forthcoming harvest of grain in Brazil will amount to 265.9 million tonnes, 3.5 percent more than the last harvest and the most on record, Xinhua reports.

The Chinese government-run news agency says Conab attributes the growth it forecasts to more land being cultivated, and greater productivity.

Conab forecasts that the soybean harvest will be 134.5 million tonnes, 3.3 percent more than a year earlier, and that Brazilian exports of soybeans will grow to 83.6 million tonnes this year, the most in any year yet, and 85 million tonnes next year, Xinhua says.

China is one of the biggest buyers of Brazilian soybeans.