Argentina corn-planting area to drop 10 percent

Argentina's total corn-planting area is forecast to drop 10 percent in the 2012–2013 season, to just over 4 million hectares, according to the Rosario Grain Exchange. The Buenos Aires Cereals Exchange has forecast it even lower, at 3.4 million hectares, down 12 percent.

In many areas yields could set new records, but some of the lower fields may be too wet, said the Rosario Exchange. High global corn prices due to the U.S. drought have made the crop an attractive one to Argentina farmers, and the country is already the world's number two corn exporter behind the U.S.