Hey hey, soybean enthusiasts! Barchart released its March 2023 Yield and Production forecasts for South American crops, and it's time to get excited!

The latest report shows some good news for all you Brazilian soybean lovers out there. Barchart has raised its crop production forecast for soybeans in Brazil, with the country expected to produce a whopping 151.2 million metric tons (MMT) with a yield of 3,483.7 kg/hectare. That's up from last month's forecast of 149.5 MMT! On the other hand, Barchart's crop production estimate for corn in Brazil remains unchanged at 129 MMT with a yield of 5,683 kg/hectare.

Brazilian farmers are making progress with their soybean harvest, with 43% of the planted area already harvested. However, persistent rain in Mato Grosso do Sul and Paraná has slowed things down a bit.

Meanwhile, in Argentina, the production forecast for both corn and soybeans remains unchanged, with Barchart predicting soybean production at 42.4 MMT and corn production at 46.7 MMT. However, things aren't looking too sunny for Argentina's soybean crop, with the Buenos Aires Grain Exchange announcing they will be cutting its estimate for the fourth time due to the ongoing drought.

If you want to stay ahead of the game and get the jump on those government crop production estimates for South America, then make sure to subscribe to Barchart's Barchart’s South American Crop Production Report.