The U.S. Drought and the South American Farming Boom

The drought in the U.S. farm-belt is having major repercussions in South America, as farmers in the region seek to take advantage of high commodity prices. As reported in BloombergBusinessweek, Argentine farmers hope to harvest as much as 31 million tons of corn (maize) in early 2013, which would smash their previous record of 22 million tons.