Corn Significant rainfall fell across almost the entire Argentine agricultural region last week, with the highest accumulations in the core corn and soybean areas. These rains followed weeks of intense drought and high temperatures. Soil moisture maps show substantial improvements in the nucleus region, but conditions remain very dry when moving south or north.

While rain is generally welcome, opinions on its impact are divided. Most believe the precipitation came too late to benefit corn but arrived just in time for soybeans. For corn, the improvement in crop conditions is minimal, as much of the rainfall occurred in areas where corn had already passed its critical yield-defining stages under water stress. Although the rain may help with...