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. Close monitoring of weather and soil conditions helped our customers manage their risk leading into and during rapid upward price movements in each crop. Throughout 2012, the Pacific Ocean has warmed and the first El Niño event since July 2009 – April 2010 is beginning. Although the upcoming…