Barchart Releases Initial South American Crop Production Forecasts

Yesterday Barchart released its initial February 2024 Yield and Production forecasts for South American corn and soybeans. 

The initial report indicates Brazil's crop production for corn will be below CONAB’s latest estimate and soybeans will be above. Barchart’s corn production estimate for Brazil is forecast at 110.7 MMT compared to CONAB’s estimate of 117.6 MMT. Barchart’s soybean production estimate for Brazil is 158.3 MMT, compared to CONAB’s latest estimate of 155.3 MMT.

Barchart’s South American Crop Production Report indicates Argentina’s crop production for corn and soybeans will be above the Buenos Aires Grain Exchange’s latest estimate. Barchart’s corn production for Argentina is forecast at 56.4 MMT compared to the Buenos Aires Grain Exchange’s estimate of 56.5 MMT. Barchart’s soybean production for Argentina is forecast at 51.6 MMT, compared to the Buenos Aires grains exchange’s estimate of 52.5 MMT.

According to Reuters, the anticipated corn harvest in Argentina is projected to increase by approximately 60% compared to the previous year, while the soy crop is expected to double. However, the recent three-week period of dry and hot weather poses a challenge to the optimistic outlook proposed by Argentine agencies for further growth.

Get ahead of government crop production estimates for South American corn and soybeans 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.