After a severe drought of 2009-2010, Argentine corn farmers have to contend with another drought summer in the southern hemisphere. Though less severe than the 2009/210 one, it’s imperiling the livelihoods of many corn farmers. Not only do farmers have to cope with climate risk, but also the unpredictability of government intervention, which continues to affect prospects for the sector.
The U.S. still commands pole position as the largest global soybean producer and exporter, contributing 33% of the world's total production and 40% of the world’s exports. But Argentina, now in third place in the export table, is catching up fast. It is already the world's largest exporter of soybean meal and oil.