Argentina, the world's third-largest soybean grower and the top soybean meal and oil exporter, likely to produce 56 million tonnes of soybean this year, a rise of 48% from a year earlier, according to the Buenos Aires Grain Exchange.
The agency's forecast was up 2% from its previous forecast in April.
The soybean harvest in Argentina for the 2018-19 crop year was 76.7% complete on Wednesday, which was 6.1 percentage points above the five-year average, the agency said.
Early planted soybeans were 85.7% harvested, while 56.1% of the second soybean crop was harvested by Wednesday, the data showed.
In Argentina, early planting of soybean takes place in September, while second crop beans are planted immediately after the wheat crop is harvested in November.