According to the latest crop production report, Brazil is expecting a record-setting harvest for both corn and soybeans in the 2023-24 marketing year. The crop production forecast for soybeans has increased, while Brazilian corn production estimates remain unchanged. Brazil is forecasted to be the world's third-largest corn producer in 2022-23, following the United States and China. And get this: Brazil is set to surpass the U.S. as the world's largest corn exporter! Brazil's soybean production is forecast at 150.1 MMT and a yield of 3,434.6 kg/Hectare.
But what about Argentina? While Brazil is booming, Argentina's crop production forecast isn't looking as hot. 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 expected to be 43.9 MMT with a yield of 6,371.8 kg/Hectare. Argentina's soybean production is forecasted at 41.3 MMT with a yield of 2,420.6 kg/Hectare. However, there is hope for a rebound in Argentina's crop production next year due to expectations for an increase in acreage, but this is dependent on favorable weather conditions.