​​Are you ready for some exciting news in the world of crop production? Barchart just released its April 2023 Crop Production and Yield Forecasts for South American corn and soybeans, and it's looking like Brazil is on track to break some records!

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.

Stay ahead of the game and subscribe to Barchart's South American Crop Production Report!