ARGENTINA- The Buenos Aires grain exchange recently released a report on September 7, projecting an impressive harvest of approximately 50 million tonnes for the 2023-24 season in Argentina, a key player in the global soybean arena. 

This anticipated yield marks a substantial increase compared to the 21 million tonnes harvested in the previous season, which was marred by a historic drought.

As a leading exporter of processed soybeans, Argentina plays a pivotal role in the international agricultural trade landscape, also being a major supplier of corn and wheat to global markets.

In addition to the expected soybean rebound, Argentina is looking forward to positive developments in its other key crops.

For example, corn production is forecasted to reach 55 million tonnes for the 2023-24 season, a notable uptick from the 34 million tonnes recorded in 2022-23.

Similarly, wheat production is estimated to rise to 16.5 million tonnes, demonstrating an increase from the 12.2 million tonnes harvested in the previous season.

This optimistic outlook reflects the resilience of Argentina’s agricultural sector as it rebounds from the challenges posed by a severe drought.

The nation’s capacity to recover and significantly boost crop yields underscores its importance in the global food supply chain.

As Argentina prepares for a robust harvest season, the international community will be closely watching the country’s agricultural contributions, which are vital for ensuring food security and meeting global demand.

Brazil achieves record-breaking soybean and corn production

Meanwhile, Brazil, another global agricultural powerhouse, has achieved an extraordinary milestone in its grain harvest for the 2022-23 season.

According to a report released on September 6 by the National Supply Company (CONAB), Brazil’s grain production has set a remarkable record at 322.8 million tonnes.

This achievement represents an impressive 18% increase and adds a staggering 50 million tonnes compared to the previous year.

The record-breaking harvest is attributed to a combination of factors, including a larger planted area covering 78.5 million hectares and improved crop yields, as noted by CONAB.

The most striking surge was observed in soybean production, with a remarkable 23% year-on-year increase, reaching an estimated 154.6 million tonnes—a new record.

In addition to soybeans, Brazil also witnessed a record-setting corn crop, with an estimated production of 131.9 million tonnes, representing a remarkable increase of 18.7 million tonnes from the previous season.

The corn harvest is reported to be approximately 89% complete, and it’s worth noting that Brazil experiences three separate corn harvests each year.

In the current season, the first harvest yielded 27.4 million tonnes, the second reached 102.2 million tonnes, and the third is projected to yield 2.33 million tonnes.

With such abundant surpluses stemming from these exceptional harvests, Brazil is poised to assume its position as the world’s foremost exporter of both corn and soybeans in the 2022-23 season.

Furthermore, international sales of soybean meal and oil from Brazil are estimated to reach 21.8 million and 2.6 million tonnes, respectively, further solidifying Brazil’s status as a global agricultural leader.

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