Much of the attention on South American production up until this point has been on soybeans, but we are now seeing interest shift to corn. 

The South American corn crops are going to start their growing season on the dry side, mainly in southern Brazil and Argentina. This region of South America is showing a rainfall deficiency of nearly 6 inches from normal. 

This will need to change soon to prevent yield loss, especially since corn is more susceptible to drought loss than soybeans. 

Even if we do see weather improve for the South American corn crop, we may not see as much competition in the global market as initially thought.

One reason for this is the tax issues that are rising in Argentina. Argentina has always had a significant tax on grain sales, and the country is now imposing a wealth tax that would include farmers. 

As a result, ...