Today Barchart released its April 2023 Crop Production and Yield Forecasts for South American corn and soybeans. This crop season, South American countries - responsible for approximately 55% of the world's soybean supply - have differing harvest expectations. While crop estimates indicate a slight decrease in Brazil’s soybean production, they are still poised to achieve a new record, while Argentina soybean crops continue to struggle.
The latest report indicates a decrease in the crop production forecast for both soybeans and corn in Brazil. Brazil’s corn production is forecast at 126.8 MMT with a yield of 5,587.5 kg/Hectar. Brazil's soybean production is forecast at 148.8 MMT with a yield of 3,427.6 kg/Hectare. This season, Brazil is expected to achieve a record high in soybean production due to favorable weather conditions in most soybean-producing areas.
Barchart’s Crop Production Forecasts for South America indicate an increase in Argentina’s crop production for corn and a decrease in crop production for soybeans. Argentina's corn production is forecast at 44.0 MMT with a yield of 6,382.7 kg/Hectare. Argentina's soybean production is forecast at 41.3 MMT with a yield of 2,419.5 kg/Hectare.
Differences in crop yields can be attributed to the impact of La Niña, which has been more pronounced in southern South America, specifically affecting the southern regions of Brazil, Argentina, and Uruguay. Historical data from the past 30 years indicates that low soybean yields in Argentina are strongly associated with La Niña, while there is no correlation in Brazil. The varying geographical distribution of soybean production in Brazil mitigates the effects of La Niña in comparison to Argentina.
Get ahead of government crop production estimates for South America by subscribing to Barchart’s South American Crop Production Report.
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