The latest USDA report shed new light on some regions, including Brazil. Historically, the country has been a net importer of wheat and remains the most popular destination for Argentine wheat due to favorable logistics and prices within Mercosur.

However, in the last 10 years, Brazil has become a wheat exporter due to the domestic push to increase "self-sufficiency".

In that time, production has almost doubled, with exports rising to 2.7 million tonnes in 2022-23 from 80,000 tonnes a decade ago.

USDA expects Brazil and Argentina to 'compete fiercely' in export markets in 2023-24 and beyond.

Brazil is certainly in a position to rapidly increase crop exports. The country is forecast to export 97.5 million tonnes of soybeans this financial year, up from 20.4 million tonnes two decades ago.

Brazil is the world's leading exporter of soybeans and corn, and may soon become the top supplier of cotton as well.

Michael Cordonier, a soybean and corn analyst, doesn't think that will happen with wheat. "They are just trying to be self-sufficient with wheat, not to be a major exporter," said the expert on South American plant breeding.

Brazil normally produces about 10 million tonnes of the crop and imports another five million, mainly from neighboring Argentina.

Regarding climate issues, the Brazilian Research Institute has developed new varieties that are particularly suitable for the region of central Brazil.

The high-yielding wheat of the highest quality will be sown after soybeans during the saffron season and harvested during the country's dry season. This will be a step towards Brazil's goal of becoming self-sufficient in wheat in a few years.

Researchers believe the country could produce 20 million tons of wheat by 2030. With domestic consumption estimated at 12 to 14 million tons, this will provide plenty of wheat for export.