Using the U.S. government’s latest estimates, Argentina’s corn and soy yields are set to fall 29% and 33%, respectively, from the long-term trends.
Corn and soy yields fell 13% and 28% below trend in 2009, respectively, and they each fell 24% in 2018.
Corn and soy yields: Argentina, Brazil, USAUSAComparable U.S. drought events include 1988 and 2012, where corn yields fell a respective 28% and 24% below trend.
The only other year since where corn losses came anywhere close was 1993, when extreme flooding cut corn yield by 19%.
Corn yields fell more than 40% below trend in Illinois and Indiana in 2012, and in Iowa and Minnesota in 1993.