Brazilian soybeans to offset Argentina’s frazzled crop

Brazil’s bumper soybean crop will offset sharp soybean crop declines in Argentina, lifting the countries’ combined production just above last year’s level, according to Gro’s in-season soybean yield forecast models for both countries. This suggests that South America’s biggest soybean crops will have a negligible impact on the global soybean stocks-to-use ratio, a measure of available supply. In 2022, Gro’s Brazil Soybean Yield Forecast Model’s production estimate was 98% accurate six months before Brazil’s government released its final figure, and our Argentina soybean model’s forecast was within 97% of Argentina’s Ministry of Agriculture’s final number more than five months before publication. This year soybean crops in Brazil and Argentina face diverging prospects. While Brazil’s adequate moisture and improved growing conditions as the season progressed have its soybean production tracking record yields for 2022/23, which refers to the local 2023/24 marketing year, Argentina’s ...