Argentina's early-planted corn crop was hit by a December 2011–January 2012 drought that cut yields by 40 percent in the key agricultural province of Buenos Aires, according to the country's Agriculture Ministry.

As a result, average yields are expected to range from 3,000 to 6,000 kilos per hectare in the areas that are still economically viable to harvest. Late-seeded fields have benefitted from regular rains, and Argentina's government is predicting total corn output at 21 to 22 million metric tons.