South America Readies Record Crops Amid U.S. Drought
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South American farmers are preparing to plant record grain and oilseed crops that may temper surging food inflation caused by the worst U.S. drought in a generation.
Argentine farmers, buoyed by rains that alleviated a drought, will smash a previous corn harvest record of 22 million metric tons by reaping as much as 31 million tons in the 2012-2013 season, growers group Crea said July 23. Brazil may harvest its biggest-ever soybean crop in 2012-2013 to surpass the U.S. as the world’s biggest grower, according to Sao Paulo-based researcher Agroconsult.