U.S. corn and soybean yields were dramatically reduced by the drought and heat wave of 2012. Hints of the drought began in mid-May as the coverage of subsoil dryness rapidly increased. Drought conditions reached a breaking point in mid-June when it became apparent that unusual warmth dating to November 2011 would continue. Throughout 2012, the Pacific Ocean warmed and the first El Niño event since July 2009 – April 2010 is near-imminent to begin. Although the upcoming El Niño is only expected to be weak or moderate, it decreases the odds for a repeat drought in South America during the…