Brazil will likely overtake the U.S. as the world’s largest soybean exporter in 2012-13 as planting reaches a record 28.6 million hectares or 70.7 million acres. In the past 12 months soybean prices have risen 19% in Chicago and Brazilian farmers have already been actively selling the new crop to take advantage of the high prices. Normally at this point in the year, approximately 12% of the soybean crop would be sold; this year however, an estimated 37%-40% is already sold. In Argentina, 23.5 million hectares of oilseed are expected to be planted, up 1.8 million hectares from 2011-12.