Today Barchart released its April 2023 Crop Production and Yield Forecasts for South American corn and soybeans.
Brazil is expecting record-setting corn and soybean harvests in the 2023-24 marketing year. The latest report indicates an increase in the crop production forecast for soybeans while Brazilian corn production estimates remain unchanged. Brazil’s corn production is forecast at 126.8 MMT with a yield of 5,587.6 kg/Hectar. Brazil is projected to be the world’s third largest corn producer in 2022-23 behind the United States and China. Brazil is on track to surpass the U.S. as the world's largest corn exporter. Brazil's soybean production is forecast at 150.1 MMT with a yield of 3,434.6 kg/Hectare.
Barchart’s Crop Production Forecasts for South America indicate a decrease in crop production for corn and an increase in Argentina’s crop production for soybeans. Argentina's corn production is forecast at 43.9 MMT with a yield of 6,371.8 kg/Hectare. Argentina's soybean production is forecast at 41.3 MMT with a yield of 2,420.6 kg/Hectare.
There is hope for a rebound in Argentina's crop production next year because of expectations for an increase in acreage, however, this is dependent on favorable weather conditions.
Get ahead of government crop production estimates for South America by subscribing to Barchart’s South American Crop Production Report.
On the date of publication, Megan Hankins did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
